
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.

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 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?

admin answers:
It depends on the lender.
Pay the mortgage before the A/C though.

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.

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 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?

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 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?

admin answers:
Yes once a judgment for the balance is done sure can
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