How can I buy a foreclosed piece of real estate with bad credit and no money?
454525
you can't --- \nthe end
1038451
The first step is to talk to a mortage broker or banker.  You will need to be able to provide proof of income, and they will run a credit report.  If you're debt-to-income ratio is steady, and you have good credit, you may be able to do 100% financing with 6% seller assist.  The interest rate may be higher than you want (like 9-11%) Your purchase price may be low, and you may need to buy a "fixer upper", which takes some dedication and a good real estate agent. You may be able to do an FHA mortgage, which will get you a lower interest rate. \n\nThe other option (which takes a lot of patience and self-control) is to save like there's no tomorrow.  Cut up the credit cards, pay off some debts to get your income-to-debt ratio lower (generally you can't have more than 33% of your income go towards debt), and open a savings account, even if it only has $100 in it for now. If you're able to put even 5% down, in addition to about $4000 in closing costs, you will be able to get a much better rate, which will lower your monthly payment.  It takes longer, yes, and it won't be easy, but you will ultimately be able to afford more house.\n  \nThe "unconventional" route would be to see if you can find an owner-financed home for sale.  Basically, this means the seller is willing to carry the mortgage for you, and you can negotiate if you get the deed upfront or after the home is paid off.  There are a few risks associated with this, so be sure to work with an experienced agent or attorney if you are able to find a willing seller. \n\nThe housing authority (HUD), Fannie Mae, Freddie Mac, etc. may have some additional resources for you, so you may want to check out their websites first.  They will at least be able to provide participating lenders and give you a good place to start. \n\nwww.hud.gov\nhttp://www.fanniemae.com/index.jhtml\nhttp://www.freddiemac.com/\n\nBest of luck to you and most importantly, don't give up hope!!! Feel free to contact me if you have any other questions.
199907
Try HUD homes and foreclosures...sometimes they need a little bit of work but you can really get a good deal.
923890
There are a lot of scammers out there, so-called real estate gurus who will sell you a program outlining how to buy and sell real estate using absolutely no money, but those schemes are unrealistic, almost impossible, and illegal in many states.\n\nDepending on your credit and income, you can qualify for a no down payment loan for an investment property and the seller can contribute up to 2% of the sales price towards your closing costs. So you would need some cash for closing, depending on the sales price.\n\nRick\nwww.fairwaymortgagelending.com
1036752
If a company is offerring you zero down on a list of foreclosed properties that they have in inventory, they are usually offerring something called "lease purchase option". Which means you pay a non-refunable option fee to lease a property. A portion of your payment gets applied towards your down payment should you decide to buy the place. It's an excellent program for people who have bad credit, but the drawback (and what they are hoping for) is if you ever miss a payment, you no longer will be able to purchase the property. If you ever do something like this, always record your option to protect your interest in the property.\n\nFind out how the program works and e-mail me. I will tell you exactly what they are doing and what to watch out for.  When it comes to creative real estate investing, I hold all the cards.\n\nRegards
669929
Are you looking to buy or are you the owner of the foreclosed property? If you are the owner, it may be too late since the sale has been scheduled unless youi can get your bank to cancel the sale by coming to some financial arrangement with them. The alternative maybe you try and get a family member/friend to buy the property at the Sherrif sale and allow you to rent it back from them.
1058619
You first have to clear your bad credit. If you are low income, you don't live above your means. If you want a house, you must tighten your belt and save money, not spoil your credit. After your credit is fixed, call a broker...mortgage broker and they will give you more details after studying your situation. Also there are some grants to help in certain areas.But without a good credit, you won't be able to buy now. Call the credit burea and find out exactly what you problems are. Deal with them one at a time until you are finished. Good Luck. I know you can do it!
1069800
Put in refinance mortgage bad credit and see what you get.\n\n\nLC
1153442
Call a local mortgage broker (check your local yellow pages) and ask for a consultation, they are usually free or may charge a small fee (< $25)  for pulling your credit report..  Do not call a bank.  Mortgage brokers have many more programs available than banks and are more experienced in dealing with folks with troubled credit.  Anyway, they can pull up your credit and see how it looks.  It may not be as bad as you think.  If it is, there are programs such as FHA that are not credit score driven.  It always helps to have money saved up for a down payment, and while 100% loans can be obtained, you will most likely need a minimum of 3% down.  If you do not have the 3%, it can be in the form of a gift from family or friends.  There are 3rd party non-profit companies that you can get the donwpayment from, although FHA has been looking down on them lately.  Mainly b/c the 3% gets financed back into the loan....sort of...but I can't say that...LOL\n\nA good mortgage broker will have all of this information.  He/she should also be able to direct you on what to do if your credit needs a little repair.  If you are not ready to buy now, they can coach on what to do to be ready in 6 months or so.  Good luck with your dream of owning a home.
263999
I also had poor credit, but bought my first home last year.  I went through a broker, instead of just getting a real estate agent.  He was able to find a bank that would give me a "statement loan".  That is where I had the money, just not the credit.  They used my bank statements from the past year and seen that I had enough money to make house payments, and I was even able to get first time home buyer program, 0 money down, and the sellers paid the closing costs.  There are ways, but my best way was to go through a Broker, who was able to help me tremendously!
648819
You where essentially buying a trailer from someone who didn't own it yet. Call an lawyer, but I am quite sure you are out of luck unless you can make a deal with the foreclosing agency. Next time make sure the seller has clear title to trailer before handing over any money. Without documentation all you are paying for is glorified rent.
571979
There are plenty of lenders that do loans down to 500 fico score. You just need to not have any forclosures or repos. Find a great mortgage broker that specializes in shopping for lending for those with credit issues. Push comes to shove, you can seek a credit repair specialist that can get your score up to a 560 so that you can qualify for a 80/20=100% financing loan in your area. Credit repair is costly, usually $45/line item/credit agency to get rescored, but you must be willing to either pay the debt or have a lawyer "fix" your credit using their methods.
824322
Well, if you don't want to go the auction route you have a couple different options.\n\n1) Preforeclosures.  Get an online listings source and find pre-foreclosures (I use foreclosure.com).  Now you can identify the property you like (get funding!) and make a proper offer.   You will also help the home owner slide without a foreclosure on their record.  \n\n2) Foreclosed.  Meaning ones that don't get sold at auction become REOs.  Or bank-owned properties.  Then you can go straight to the lender and wheel and deal.  You should probably have a buyers agent though, to look out for your interests.  They may even get you a deal if you finance through them.\n\nOk. good luck.
59449
You might want to start with a real estate broker?  The company I used to work for "flipped" houses...to find properties that had been foreclosed on, we used a broker, and the bank.  The bank is often helpful in finding properties people are willing to take over.  The process is basically you find houses that have been foreclosed on or homes that need major work, hire a crew, and do the work -- the key to flipping the house is knowing the demands of the local market.  For instance, one and two bedroom homes in a "family oriented" development may not sell as quickly as 3 and 4 bedroom homes...etc.  You need to know what the market is demanding and provide it...Realistically, you should be able to "flip" about 2-3 houses per month, if you are doing so as a secondary job.\nI found that hooking up with the right realtor/broker was key to finding the right homes with the most potential.
914362
Again, you'll need a large downpayment.  $55,000 on a $400,000 property is only 13% down.  You'll need AT LEAST 20% down (most likely more) with that kind of credit score.  Sorry, but you wouldn't even be able to buy a single unit with that kind of credit without a larger down-payment...
1060732
Refinancing by traditional lenders is pretty much impossible in foreclosure.\n\n  However, if your loan-to-value ratio is good (i.e. you have around 65% equity in the property) you can try to contact a 'hard money' lender.  The rates are higher than banks, but they don't care about credit history, foreclosure or anything, simply ownership and LTV.
114665
Land loans are difficult to get to begin with.   The best way to do it with bad credit is hard money.  You will need a 50-60% down payment.