The answer: yes, of course. Owners of tax delinquent property have every right to sell their property before it’s sold at tax sale to pay off the delinquent taxes and attempt to protect their equity. But did you know the same is true after tax auction? During the redemption period you can buy property “sold” at tax sale, and usually for much cheaper than pre-sale.
Owners are approached by lots of investors looking to buy property before tax auction. Many of the owners are still hoping to find a way to pay the taxes and never bail out the property. After tax sale, the investors stop calling and the owners are left in a really desperate situation – they have to sell, or face losing the property permanently to the government.
If you can find the owners at this point, you can be certain of a couple of things. First, their property is probably free and clear, or their mortgage company or another lienholder would pay the taxes off. And second, they at this point have probably either decided to let the property go, or are willing to sell for a steep discount
What this means for you is an opportunity to get tax sale property for as little as a few hundred dollars from the owners who were planning to let the property go to the government – and property for a few thousand from those still hoping to get at least something out of the deal. You can find some nice properties at this point, as well, whose owners are willing to sell you their deed for a few hundred bucks contingent on getting a percentage of whatever you sell it for in the future.
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Dec 28 2010
Foreclosure is more of a menace that is what one thinks, it is a two street though. The borrower as well as the lender has a part to play in the entire process. Foreclosure notices get served due to unforeseen circumstances, I believe that the borrower will never mess around with payments that will give ultimate ownership of his own home. It is not always imperative that you engage the services of a lawyer as if you have the knowledge and strategies up your sleeve you will be able to stop this process. Here are a few proven methods that will help you retain your home and stop just that, something that you want with all your heart. If you want to obtain a grace period then what you will need to do is avoid receiving the dreaded notice. According to the rule the notice needs to be signed and received by the one who is living in the home only then is the notice operational. It is not critical to reply to the summons promptly take your own time. Exercise discernment to avoid being fooled as there are many scams floating around out there. Refrain from signing any kind of documents that will work to your disadvantage, people will tempt you by offering easy solutions, don’t get fooled. Follow legal procedures to be on the safe side.
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Dec 28 2010
The bottom line is a home foreclosure means losing the roof over your head. It must be your prime concern. Home means many things, but one feeling we all have about our homes, humble or grand, is the notion of the cave; somewhere safe to scuttle back to, to re-group, to make our plans, the place we want to be when sad or frightened. Losing all this, at a time when you most need it, could be crushing. There’s help out there for you, but you must drive the campaign to save your home from foreclosure. However impossible it may appear right now, do not give up! There are steps you can take to halt the process even while you hold the foreclosure letter in your hand because the outcome is not inevitable. You are urged to carefully consider the consequences if you lose motivation and resign yourself to think “I cannot save my home from foreclosure”. You may not have yet considered the extra expense involved in losing your home. If you are lucky enough to find a rental agency that will accept you, you now have to fund removal costs, find a large deposit and pay some months in advance. There are good reasons why I mention ‘if you are lucky enough’. Your reference will show your involvement in the home foreclosure process, and that you are, therefore, probably not a good rent risk! In addition, finding a rental property that will accept children, let alone the slobbering, muddy family Labrador, is often very difficult and will incur additional deposits. And all the while, you will still have to make payments on your debt.
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Dec 27 2010
The automatic stay provisions of the U.S. Bankruptcy Code are some of the most powerful and immediate protections for people who need to be shielded from their creditors. The stay, however, is not perfect nor permanent. In fact, there are limitations built into the automatic stay provisions that limit the effectiveness for people who have filed prior bankruptcy cases. In the old days (before the current law came into effect in 2005) people could file case after case in rapid succession, dismissing the ones that didn’t work out and filing new ones to stop their creditors. For most people, these “serial filings” (as they came to be known) were made in good faith and with the best of intentions; someone would file a Chapter 13 bankruptcy to stop a foreclosure, they’d miss a few post-petition payments and the mortgage lender to obtain relief from the automatic stay. Then the homeowner would get a better job and be able to make the payments. So rather than stay in a Chapter 13 without the benefit of the stay, they’d dismiss their case voluntarily and file a new one – and get a new automatic stay in place to protect them. Not so anymore. Under the 2005 amendments to the U.S. Bankruptcy Code, a case is presumptively filed in bad faith and subject to a limitation of the automatic stay if a prior case was filed and dismissed within the past year. If 1 previous case under any of chapters 7, 11, and 13 in which the individual was a debtor was pending within the preceding 1-year period, then the automatic stay is in effect for only thirty days.
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Dec 27 2010
Home loan modification programs are quickly becoming a key defense against foreclosure. With millions out of work or having their work hours cut, an increasing number of families are finding it hard to make ends meet. Another contributing factor is that in recent years, many homeowners chose to go with an adjustable rate mortgage. As interest rates went up, so did their payments. The huge spike in foreclosures has had a devastating effect on the banking industry, with some banks having to close their doors for good – some even being taken over by the government. Foreclosures have always been a part of the banking business, but with so many loans not being repaid according to schedule all at once, it has shaken the whole industry. In order to stem the tide of these unfortunate and very costly foreclosures, the Federal Government has taken measures to help more families stay in their homes by encouraging banks to consider adjusting the terms of the mortgages of those in need. Sometimes the terms of the current loan are altered, in other cases the loan is completely reworked. How can this help you? It means that for the person looking for a home loan modification program, things are much easier than they used to be. Let’s take a closer look at the process. The bank will want to get a good idea of your overall financial situation.
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Dec 27 2010
