What questions should I ask my lender about buying a bank-foreclosed (or foreclosing) home?
97831
I'm assuming you want to ask your local bank if they have any houses in foreclosure you can buy.  Best way to find out about that is to get a foreclosure list.  (Ask your local title company)  It will show what houses are going into foreclosure and where they will be up for auction.
353503
YOU CAN GO ON DUN AND BRADSTREET'S WEB SITE AND THEIR RATE ALL BUSINESSES.  BUT, BEFORE YOU BUY RIGHT OUT, IF YOU QUALIFY FOR A MORTAGE FROM THEM, THEN YOU CAN QUALIFY ANYWHERE.  CHECK WITH YOUR CITY OFFICE AND SEE IF THEY HAVE PROGRAMS.  IN COLUMBUS, OHIO THEY HAVE A PROGRAM WHERE THEY PAY THE DOWNPAYMENT AND ALREADY HAVE LENDERS THEY WORK WITH.  ALSO CHECK FOR FORECLOSURES, HUD, AND AUCTIONS.  YOU MAY GET A BETTER DEAL.  ALSO GO ONLINE AND SEE WHAT OFFERS YOU GET.  IF YOU FEEL WORRIED ENOUGH TO ASK ABOUT THEM, MAYBE YOU SHOULD LOOK FOR ANOTHER LENDER.\n\nJJ
775347
In light of what you've been told here, wait until the subject property your friend wants to purchase goes on the market. Most are listed after they are cleaned, inspected and the past owners are vacated. \n\nI've been investing in properties for 25 years and have never purchased a foreclosed home at auction due to the fact of hidden problems and non-liability of the sellers...Good Luck!
973013
First some questions: \n\n1. What state do you live in.\n2. What is your income (it makes a BIG difference on whether or not you qualify)\n3. Why are you filling for bankrupcy.\n4. Have you considered other options first, like debt consolidation, debt elimination (through a broker), etc\n5. Do you REALLY want to do that?
101150
You should go to a mortgage broker. They help you find the best mortgage lender for your situation. \n\nThey don't cost any extra as they just get a cut of the money the mortgage lender makes. At least that is the idea, you still have to be a wise shopper.
1006592
There are several options there but you may be better of talking to your bank, a mortgage broker and perhaps check an online offer to give you three options.  Keep in mind it may give you peace of mind to work with a local buisness or bank for your mortgage.  It never hurts to shop I tell all of my customers to shop around.  Check origination, lock fees, rates are important but can be less of an indicator of a "good loan" or not.
1187066
Hi,\nI would be happy to provide information on the property and other surrounding properties. That way you can get a complete analysis of the area. Email me the address and scenario of what you want done and I will put some thing in writing for you along with a few loan options and how I can save you 2% on writing the offer, just for using my service. Every transaction is different hence to name of the company is Creative Financial Consultants, because their are 100's of ways to handle a real estate transaction.\n\nKemo Smith\nSr. Consultant\nCreative Financial Consultants\n(888) 232-8007
94951
To purchase a rehab home, yes, in order to resell and make a good profit?  Yes.  However I would not want to deal with someone about to be foreclosed upon, because I think, in my opinion, that you would be preying upon someone in a desperate situation where they might not be making rational choices because they feel they have no other options.  \n\nThere usually are other options, and if I was in that position then I would contact a local mortgage broker, explain my situation and see if they could help in any way before I "sold" my house for cash to get caught up on bills that are behind.
158138
I am a Realtor.  I ask qualifying questions to make sure that the buyers I am working with can purchase the homes we are looking at.  I have never asked for bank statements.  However, a lender will have to have them to send the loan to underwriting to document your income.  That is just part of the application process for a loan.  A good real estate agent will ask qualifying questions in order to keep from wasting everyone's time looking at homes you cannot afford.
28922
Maybe you can try looking up mortgage topics on Wikipedia.org.  They usually have a wealth of info on all sorts of topics.
494380
There really is not a good website.  Go to your local court house and they should have a monthy print out of foreclosed homes and tax sale homes.  A bank can't not foreclose on a house untill they make it public in the local court house.
667306
Why not actually move into one of the units.  Then you are completely above board (though the *wink*wink* will probably work ok too).  \n\nAs to how to do it, there is no best answer, it depends on your situation.  \n\nThe route I would follow is, find out first off how much money you will need.  Be sure to budget for closing costs, fixup, etc; and be sure to ask several banks/ brokers to get the best number.  \n\nNow, just figure out how you can get that money at the cheapest cost to you.  If you have the money, great.  If you can take out a 2nd cheaply and get it, do that.  If you need to refinance, do it.  I'd make sure I had the money (or at least a plan for how I would get it) before putting down a contract though thats not required.  Of course make sure the contract has a financing contingency, and a general contingency it the seller will allow it (a general contingency like "contract is contingent upon approval of spouse" - if you get this is there are decide later you don't want the place, shouldn't be to hard to have the spousal contingency fail).\n\nI guess the easiest way to put this is, figure out exactly what you want (a 2nd 2 family), exactly what you will need to get it (x dollars, plus y hours of time, etc) and then do whatever you need to do to reach your goal with the minimum cost and time loss to you.  I realize this is a general statement but without knowing more about you I can't make it more specific.\n\nAlso, I always hated even bending the law even in the really minor way you describe (though I did it a few times) fearing it would come back to haunt me someday.  I got lucky and it never really did hurt me much, and now I'm totally above board.  I'm not suggesting you not do the *wink*wink*, just that you avoid that as much as possible.\n\nBest luck.  Also, by the way, there was an extremely active foreclosure specialist in my area who just got caught with something like 120 properities in her name, all of which she had bought as an owner-occupant.  I guess if she can get away with it 119 times (plus the 100's she sold over the years), you can get away with it once.
726707
first i would get preapproved for the amount of the loan you can get.  foreclosed homes are homes that are repoed from a bank, so the bank is selling it to get their money back,   check with the bank that is selling the property and see what their rules are.
158905
ask the bank....best thing to do. They should know.
28549
Get your mortgage with a credit union, not a bank.\n\nGet a no point mortgage, and ask the credit union how you can minimize the closing costs.
1127464
I may be able to assist you, I am a mortgage broker who works with over 100 lenders nationwide and offer several programs that will fit almost any situation.I specialize in Re-Fi's, Purchases,  Home Equity Lines and Home Owners Insurance. Please feel free to contact me Jcorreahq@yahoo.com I will go through everything with you and answer any questions you may have about the process. This is at no obligation to you and if nothing else will educate you on how everything works and what you qualify for exactly! I look forward to hearing from you! ~Joseph Correa Licensed Mortgage Broker
54184
More than likely you will obtain a conventional loan where you desire to purchase. This will be a new mortgage.\n\nYou may want to pre-qualify with a lender of your choice and be given the mutiple of options.\n\nMore than likely the loan will be secured by the property itself.\n\nBest to you