How much do home foreclosures cost the homeowner?
552495
Well, I'm a loss mitigator and they say it costs the lender about 40,000 on average to take a home and resell it over time.\n\nThe costs vary but if I had to put a number on it... at default time about $800-$1,200 then if the foreclosure is filed another let's say about the same.  Then if they acquire the home.  The realtor fees, maintenance fees, loss of income from the loan -that's where the bulk of the $40,000 obviously comes in.  Don't forget there are unseen costs like the personnel used to listen to you tell them why you can't make the payments. \n\nYou've only got a couple options and moving is the best idea early on when you realize something has changed and it's not going to get better.  By the way, don't answer every call but do keep in touch- they won't move to foreclose as fast if you stay in touch!  even if you've got a motgage that's over the value of the property now- don't worry- just put it on the market and let the lender do an assisted short sale with the new buyer... it will be much better- see my web site if you want more specifics on why you should make a decision quickly, etc. Obviously, if you live in the Chicagoland area of Illinois you can call me -I might be able to help you get this done or at least help you since I'm a Real Estate Broker and a Loan Officer that does this as a community service to help people in these situations on a regular basis.
1117465
Check out the Harris county court house list.  There are tons of people facing foreclosure who I am sure would love your help.\n\nSince foreclosures have to be listed 21 days before they can occur, you can get quite  a few quick leads just by going through the folks who're coming up for next month.
905048
Yes, there are plenty of websites out there that will give you all the information you will need on pre-foreclosures, etc.  Many come with a small fee, but like all other products/services all the good ones do.\n\nWhat I would do is take advantage of the free 7-day trial.  That way you can see if you like it or not.  \nI have used Foreclosure.com in the past and was very satisfied.  \n\nWhat I like most is that they give you resources to guide you through a process that can be rather daunting at times.  \n\nHappy hunting!
1163896
No debate here, happens every day. In some cases the taxes owed on a property exceed the original mortgage amount, some deal huh. If you live in a liberal state like California or New York its even worse. The taxes are so high you need a mortgage just to pay them. An interesting result of such high costs is people are moving out of the high cost states and to places like Nevada and Arizona. There goes the neighborhood!
1034819
There are three types of foreclosures and it depends on which you are interested.  \n\nPre-foreclosure: when a house is in foreclosure, but the title is still in the current residents.  No one really has a list of these properties, but it is public information.  Anytime a lawsuit is filed, it needs to be printed in some sort of publication.  a foreclosure is a civil lawsuit.  Contact your county clerk of courts and ask them what newspaper they report all their filings to.  Subscribe to this publication and you will be notified on day 1 foreclosure is started.\n\nsome individuals claim that banks will let them know about foreclosed properties ahead of time so they can try and negotiate with the current owner.  If the bank notifies someone, it is a violation of their privacy and gramm leigh bliley act.  I do not doubt it is done, but be careful.\n\nThe entire topic of short sales is being left out since that is not what you asked and is a long answer.  I think you were looking specifically for options 2 and 3\n\nActual Foreclosure:  The sheriff is auctioning off the property in the next coming weeks as a conclusion of the pre-foreclosure lawsuit.  Every county is different in who does the auctioning, but here it is the sheriff.  Again, your local clerk of courts can help you.  Normally, you need to bring a down payment in cashier's check and close very quickly.  Usually, there is not enough time to get a loan if it is not done already.  Clerk of courts/sheriff, whoever is doing the selling usually carries a list of what is being auctioned.\n\nAfter foreclosure, bank owned property (REO) - many banks simply give these listings to realtors.  Contact a local realtor who deals with bank owned to email you a list on a daily basis as they become available.  Not any realtor can help you with this, be specific that you want bank owned properties and someone who deals with them.\n\nIf you are in the Ohio area, I can help you, if not, feel free to ask more questions directly\n\nAngelo Russo, Esq\nTitle Plus Services, LLC\nwww.titleplusservices.com\narusso@titleplusservices.com\n21380 Lorain Ave\nFairview Park, OH 44126\n440-895-0870
1154417
In Texas you can go by the courthouses and get a listing for people who will be coming up at the next foreclosure auction should they not find a solution to their problem beforehand.  Just go by the County Clerk's office and be prepared to pay for copies.\n\nI am sure there is something similar in other states as well.  the best place to find out is the department that handles real estate law for the state.  They will be able to tell you how it is handled.   Also most realtors know the basics of it too.
689769
I agree, you need an appraiser.  Info on those websites is mostly based on loan records, and often has highly inaccurate info.  For example, zillow.com shows the value of my house with the amount it was foreclosed on over a year ago because we paid cash for it. and bofa.com shows the same house being 30 years older than it actually is.  None of those sites will have accurate info.  An appraiser will walk the property inside & out, make note of all things that add or detract from the value, and do a comparison of similar properties in the area.
201346
In my state, When you are purchasing a home at a foreclosure auction they require $5,000 up front as a deposit (refundable if you don't win the auction)  Then once the final bid is made and you win the $5,000.00 go's towards the purchase price.  Usually you have 24 hours to give the rest of the money to the bank.  Most lenders won't lend on that short of a notice so make sure you have alot of cash or a hard money lender.  Second You may have to pay for title insurance.  Many banks don't like to cover the cost of an owners policy on forclosures.  The owners policy's price will vary depending on the price of the home you want to insure (you can contact a local title company for an estimate)  Third be warry at foreclosures.  See if all of the liens are taken care of. I'll give you an example.  Say you take out a first mortgage and then a second you default on the first and it get's foreclosed on by being in second lien position the 2nd mortgage is wiped out.  However if it's the 2nd mortgage that is in default and get's foreclosed the first mortgage still remains full in effect and now that you are the new owner and the 1st bank didn't approve the new owner the 1st mortgage is also immediatly due and payable when you take ownership.  Also Be warry of any Homeowners association liens and attorney's liens they are not wiped out in a foreclosure neither are property taxes make sure they are paid.  Judgments on the prior owners this varies from state to state but generally any judgments that are caught after the mortgage being foreclosed are wiped out with exception to federal tax liens they are subject to a 180 redemption because they are the IRS and they can do that. Good luck I hope you have fun!!!
500285
Go to www.realtor.com \n\nthey have a mortgage calculator. you can change the price of the house, the down payment, and the interest rate.
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.
1181719
pick up a homes magazine, there should be forclosed homes in there. U can always go to palm harbor homes and find a mobile home, or search online for forclosed homes in ur area. My 1st house was forclosed and we bought it for almost $40,000 less than appraisal value. Good luck!
1165219
Most lenders will go 90 days before they file a notice-of-default with your county.  After that it can take some time before the actuall foreclosure takes place.  It is expensive and time consuming for a lender to foreclose. \nhttp://www.lendermark.com/stay_out_of_foreclosure.htm
34449
Realty Trac allows you to search for foreclosures in a specific state. You can sign up for a free trial to obtain the information. If you think it is something you want to continue doing, I think their fees are reasonable.
813149
Go get an appraisal.  It will cost $250-$300 depending on your area.  Look in the yellow pages under "home appraisal" or "appraisal - home".\n\nIf it has already been sold, go to your county auditor, or county treasurer.  Also look in the phone book or call your mayor's office (or county/parish offices) and ask them where to go to find the county real estate records.  It also might be called the "recorder's office".\n\nIf it has been sold by your husband, subpeona him for a copy of the "Settlement Statement" or "HUD-1" to see exactly what it sold for and the fees/costs associated with the sale.
1133270
There are always foreclosures listed in the paper.  Try starting there.
736278
It really depends on the area in which you want to invest.  It can range from $150,000 all the way up to $750,000+.  What I really want to do once I get my finances in order is to flip houses, that is where the real money is.  =)
760475
My closing cost for my home came in the Good Faith Estimate at  a whopping $13,000 Plus. I'm  hoping the seller is willing to pay them for me because i don't have that kind of money.