This video is from the show Open House on CNN. Homeowners in trouble facing short sale or foreclosure should be careful when answering to unsolicited mail, phone calls or emails. A HUD representative and a legal services representatives explain what homeowners should watch out for and what to do.
More info at:
sccrealestateuncensored.com/2007/foreclosure-scam/
micasamidinero.com/2007/foreclosure-fraude/
Duration : 0:4:51
http://coloradospringsforeclosuredeals.com
This is a great HUD foreclosure in Colorado Springs. The property is in good shape and has over 2000 finished square feet and a HUGE backyard for only $115,000!
Duration : 0:7:7
Peter Barnes on the Obama Administration considering a plan that would freeze foreclosures for struggling families.
Duration : 0:2:16
I haven’t paid my proprty taxes for the current year and am trying to sell my house. If it doesn’t sell soon, I will be forced to let it go into foreclosure. Will they try to collect the property tax due up to the point when the foreclosure is completed?
No. When ad valorem taxes aren’t paid, the tax collector sells tax certificates. The purchaser of a certificate makes money by collecting interest until the back taxes plus interest are paid.
realtor.sailor
The owner of a local mortgage company is about to lose three of his homes to foreclosure. The notice came as a surprise to some of his renters, but what is really shocking is what’s happening at one of the homes.
Duration : 0:2:32
Are realtors the only ones that have the inside scoop? What is the big secret?
The best way is to do your homework.
Go to the local recorders office and ask for the "Lis Pendes" or subscribe to the newspaper in your town that publishes the info.
If you do not have a lot of cash, you cannot buy a foreclosed home on the courthouse steps.
The successful bidder has 24-48 hours to come up with the entire amount in certified funds.
There will be no time to run to the bank and get a loan.
Many people looking for FREE information on foreclosed homes forget this very important detail.
They subscribe to these services that announce foreclosure sales but don’t have enough cash to actually buy the foreclosed property.
After much searching I have finally found the perfect house… it’s a foreclosure, but in decent condition and for the right price. However, the bank keeps delaying the closing date and asking us to sign extensions to the contract. It was originally scheduled to be the 29th of July, then was extended to the 8th of August, and then was delayed to the 15th. They said it was because of a title issue, however, they have delayed it twice, which makes me wary.
In the contract it says that if the house is not closed on the 12th of August, either party may void it if they so choose. Should I continue to sign these extensions, or should I put my foot down and demand the contract goes through and risk having the deal fall through?
You can either refuse to extend the contract any longer, or you can sue the bank to enforce the contract. That will, once the lawsuit has been decided in your favor, force the bank to resolve the title issues and go through with a closing date.
It’s up to you whether to keep signing the extensions. But if you don’t sign them, the bank probably won’t care — one house isn’t worth very much when lenders have hundreds or thousands of foreclosure properties to deal with.
Good luck.
ForeclosureFish
http://DeanDretske.com – I discuss the 3 stages of foreclosure and talk about investing in each of those stages. Also discuss the relationship between short sales and foreclosure. I give some valuable advice on dealing with the pitfalls of foreclosure investing.
Duration : 0:14:4
Property located in California.
I think you would be entitled to pay the property tax up until the time you no longer own the property.
If your property taxes are due, say 1/1/2008, chances are you will be required to pay them because you owned the property for the majority of that tax period.
What do i need to know?
I should add that i only learnt the word today so i know absolutely nothing as yet. Except on the outside it looks like a cheaper way to buy property.
Foreclosure is when a person who is buying a home stops making the payments on their promissory note to the bank. The bank then forecloses and takes the house. The bank then sells the house in order to make back the money. They usually sell the home for the price of the note, which can be considerably less than market value.