Your Questions About Home Foreclosure Help
Jenny asks…
Home going into foreclosure what programs help ?
I heard there are programs that you can claim bankruptcy and still keep your home before it goes into foreclosure. Home is in Long Island and is worth about 900,000.
The 2nd mortgage payments are high and can not pay. This is a friend not my home. I rent an apt.
I want to give my friend the names of some programs.
Can anyone advise.
Thank you.
Larry answers:
First thing, the banks don’t want to foreclose. Sticking your head in the sand hoping it will all go away won’t help. You have to take the initiative and call the bank arrange an appointment to speak with the loan officer who will tell you what to do.
Chapter 7 or 13 may result in you eliminating the second mortgage if the bankruptcy judge determines that the second mortgage is no longer secured debt. Secured debt can not be eliminated only unsecured debt can be.
Do not fall for those private consolodation programs they are bogus and you will end up in bigger trouble than you started off with.
Mandy asks…
How quickly does the bank respond to a bid on a foreclosure home?
I found a home in Niagara Falls, put a bid on the home. The home has been on the market for over 2 months and I put the bid 8,900 less than the asking price. Usually how long does it take for the bank (which is out of state) to respond to the bid? If they do respond will they tell the price they will take?
I put the bid in on Aug. 7th, Should I up my price or just wait?
Any help will be greatly appreciated! Thanks in Advance
Larry answers:
If you were dealing with a local bank you would get a fast response, but since you are dealing with a bank that is out of state it could take up to one month…….the usual procedure is as follows……you make a bid….the loan officer submits all bids to his supervisor….all bids are reviewed…highest bids are taken to board meetings for consideration. Usually board meetings take place once a month…just be patient, they will respond..lots and lots of red tape on a foreclosure…..Good Luck
Michael asks…
What’s the best foreclosure home website?
I live in Lose Angeles………just moved here! Looking for the best foreclosure home site or business that is legit and has great homes. I would be a first time buyer and even open to renting a house. Anyone help me out with this one?
Larry answers:
I saw this one. It posts new CA and HI foreclosures regularly updated weekly.
Http://www.crystalclearmarket.com/?cat=98
Good luck to you. Hope this helps.
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