Your Questions About Homes In Foreclosure In Texas

Charles Your Questions About Homes In Foreclosure In Texas

Charles asks…

purchasing a home that went to foreclosure in San Antonio Texas?

I want to find out how can I purchase a home that forclosure on 4/6/2010. I have a loan approved
by my bank. Will that work? And how can I see the listing for foreclosure on this house? How can I do this I realy want this house.

Harnia Partner cropped Your Questions About Homes In Foreclosure In Texas

admin answers:

You buy it on April 6th at the foreclosure auction. Cash only. No loans allowed.

Or you wait until April 20th when the bank has cleaned out the trash and put up a For Sale sign. You can get a loan to buy it.

Ruth Your Questions About Homes In Foreclosure In Texas

Ruth asks…

What is the length and process of a foreclosure in Texas?

How long would I have before they foreclose on my home in Texas. How much time would I have before I had to move out. I am going to be a month behind because my air conditioner went out. The only way I have to fix it is to use the mortgage payment. In my past experience they have sent me letters when I have been a month behind that they would foreclose in 20 days. How long is the whole precedure and when would I have to move out? It is possible I would have the extra money in about 3 months and could catch up.
How can I find out what the policy of the lender is?

Harnia Partner cropped Your Questions About Homes In Foreclosure In Texas

admin answers:

It depends on the lender.

Pay the mortgage before the A/C though.

Laura Your Questions About Homes In Foreclosure In Texas

Laura asks…

How long does a motion to relief from a automatic stay take in Colorado? Regarding a home in foreclosure.?

I need to how long this process will take. My home is in foreclosure the sale date was May 13th. I filed for bankruptcy in Texas March 25th. The home is in Colorado. My daughter lives in the home. How long will this bankruptcy delay the sale.

Harnia Partner cropped Your Questions About Homes In Foreclosure In Texas

admin answers:

A Motion For Relief is when the investor/servicer removes themselves from the bankruptcy with the blessings of the court. It takes as long as the servicer and the courts take which is determined by the severity of the delinquency. There is no ‘exact’ time frame. You may want to look at having your daughter move out of the home and including it in the bankruptcy because once that MFR is granted the mortgage will again report to the credit agencies as delinquent, then pre-foreclosure then foreclosure, charge off, etc.. On top of all the other credit that is reporting as BK. This means you will have both BK and FC on your credit. While there will probably be some type of forgiveness in a year or two for people who are losing their homes these days, as a potential creditor I would see the BK and FC and I’m not so sure that forgiveness would apply. It is also far easier to start repairing your credit with a BK only, as opposed to a BK and FC.

Sometimes it’s best to just close the door and start over (for credit purposes too) than to drag this out which in turn drags out the length of time before you’re going to be able to start recovering your credit.

Susan Your Questions About Homes In Foreclosure In Texas

Susan asks…

Fannie Mae foreclosure purchase?

I am in the process of purchasing a foreclosure home that is owned by Fannie Mae. They have an item listed in their addendum that states the following:

“Grantee herein shall be prohibited from conveying captioned property to a bonafide purchaser for value for a sales price of greater than $150,000 for a period of 3 months from the date of this deed. Grantee shall also be prohibited from encumbering subject property with a security interest in the principal amount of greater that $150,000 for a period of 3 motnhs from the date of this deed. This restriction shall terminate immediately upon conveyance at any forclosure sale related to a mortgage or deed of trust. ”

Can anyone explain this to me and put this in plain english terms. The home is in Texas if that makes any difference. Is there anyway around this clause?

Harnia Partner cropped Your Questions About Homes In Foreclosure In Texas

admin answers:

From my interpretation, sounds like it saying that you cannot sell the property for more than $150k before 3 months of the purchase and you cannot mortgage the property for more than $150k before 3 months. It is put into place to discourage “flipping” the house. I would advise speaking with an attorney for a exact interpretation.

Linda Your Questions About Homes In Foreclosure In Texas

Linda asks…

House in Texas going into foreclosure, can they go after 2nd home?

Have a house in Texas that we tried getting our lender to approve a short sale on to no avail. Will probably be going into foreclosure because they wont work with us.

Have a second house in Florida that is paid for, but we have a personal lien on. (NOT a mortgage company.) If the house is deeded to us in Fl, can the mortgage company in Texas go after that property?

Harnia Partner cropped Your Questions About Homes In Foreclosure In Texas

admin answers:

Yes once a judgment for the balance is done sure can

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Your Questions About Investing In Real Estate With No Money Down

Sharon Your Questions About Investing In Real Estate With No Money Down

Sharon asks…

Do you have to have money to invest in Real Estate?

I’m a student and am looking into investing in real estate. I don’t have that much to put into real estate…what are my options? Can I invest with no money and zero down payment?

Harnia Partner cropped Your Questions About Investing In Real Estate With No Money Down

admin answers:

Only if you have a job that will show your income can support your payments.

David Your Questions About Investing In Real Estate With No Money Down

David asks…

How do people start investing in real estate with no money credit job or real capital again no cash.?

What about people who have a job with marginal credit like a server or stocker at wal mart. Im unemployed but want to invest in real estate with the intent of fixing the home slightly and selling it or renting it.
I have no money no job and no real work experience, Comparing me to someone who has a job average credit and lets say 5000 dollars capital i feel im in the same boat as them. I read that you need much capital like 20% down which is like 50 grand so its hopeless without capital right.

Harnia Partner cropped Your Questions About Investing In Real Estate With No Money Down

admin answers:

You sound like you don’t really want to work or make effort, but just want to cash in. It doesn’t work like that though. You could be employed if you wanted to, and if that employment wasn’t paying you could acquire some more skills and get a better job. Look at Andrew Carnegie, who came to the US with a 3rd grade education and ended up being one of the wealthiest men in the country. He did not achieve that by moaning. And although you are obviously not an Andrew Carnegie, I am sure you could realize this goal if you exhibited discipline and made some effort. If you don’t make the effort you don’t deserve it. Houses are generally for people who work for a living.

Mark Your Questions About Investing In Real Estate With No Money Down

Mark asks…

I’m getting involved with no money down real estate methods? Is my split offer fair?

I am looking to get started with real estate investing. I am unemployed and need to start generating income but it takes money to make it. A friend of mine owns his own communications company and decided he wanted to maybe get involved. He asked what did I need and I said I just needed start up capital. Although I am a novice, I believe when a proven system is put in place to follow, success has a very good chance. He’d only be putting about $175-$300 monthly, no time, no work effort, and it’s only for a 3-6 mo term. This would cover my real estate search engine memberships, a 1800# line, and the use of his fax, copier, printer, and ink for advertisement. I offered a 65/35 split with him on ANY profilt I make. I’d find all the properties, buyers, and sellers. I’d do follow up calls and potential leads. I even would negotiate the contracts between everyone. He wants to own the business, give me 60% of any deals that I myself make, be able to do deals on the side and keep 100%, and later on if I want to leave the company I could but he’d keep all the clients? The other option was for him to have 50/50.KEEP IN MIND NEITHER ONE OF US HAVE A LISCENSE AND HE ONLY WANTS TO DO 1 DEAL EVERY 3 MONTHS. Which negotiation is fair?

Harnia Partner cropped Your Questions About Investing In Real Estate With No Money Down

admin answers:

Since you are both going to prison and doing equal time the 50/50 is fair.

Lizzie Your Questions About Investing In Real Estate With No Money Down

Lizzie asks…

how do you invest in real estate with no money down and no credit checks?

Harnia Partner cropped Your Questions About Investing In Real Estate With No Money Down

admin answers:

No money down is possible with the right credit scores. Or if you have at least 30% down, there are products that dont care about your score. Put yourself in the lender’s place. I can talk further if you email me. Nlccorporate@yahoo.com

Donna Your Questions About Investing In Real Estate With No Money Down

Donna asks…

Buying real estate with no mony down?

Is there a way to invest in real estate with no money down? what about using ( Carleton Sheets ) step by step program ?

Harnia Partner cropped Your Questions About Investing In Real Estate With No Money Down

admin answers:

Carleton Sheets and all those get rich quick informational idiots are full of….

Ask Carleton Sheets et al if they are so confident about their programs, then have them lend to you at no money down.

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