Hud Foreclosure Homes

Search over 1 million foreclosure listings, distressed real estate, cheap homes for sale and rent to own opportunities in one unique master directory. Homeownership Group makes it easy to narrow your search for the right house at the right price. Search the daily foreclosure list to find the properties you would like to bid on. See real, accurate and up to date property listings at HUGE Savings!

Why Should I look at Foreclosure Properties?

Foreclosure, Bank owned property, and REO (real estate owned) basically all mean exactly the same thing; the Bank has taken the property back from the purchaser and wants to sell it. Foreclosure prices have been seen with discounts well over 50%.  In fact, in some markets hard hit by the real estate crisis, foreclosure homes are selling for as little as $10,000. Homeownership Group’s database is the number one resource on the Internet for all types of bank foreclosed homes for sale.

Can I get HUD Foreclosure listings?

HUD Foreclosures are those properties owned by the Department of Housing and Urban Development usually as a result of a borrower defaulting on the terms of a FHA mortgage loan. Some people think that HUD Homes are only available in undesirable highly urbanized areas. That’s just not true.  While HUD does own some properties in depressed urban areas, there are many homes available in stable suburban or rural areas.  Remember, FHA is a division of HUD.  So, the homes owned by HUD are usually FHA Foreclosures… and FHA loans are used to buy single family homes with values as high as $729,750 or multi-family homes with values up to $1.4 million in some areas.  Best of all… these homes are selling for HUGE discounts.

Why would I want to buy a foreclosed property and how do I do it?

ABC News reported in October 2010 that a record number of over 937,437 homeowners were hit with foreclosure filings in the quarter spanning July-September 2010 and foreclosure filings were seen rising  through 2011.

 The fact is… our country is experiencing a mortgage and real estate crisis the likes of which we have not seen since the great depression. 

While that’s bad news for our economy, it’s great news for anyone looking to buy a house.  Foreclosures aren’t just affecting our Nation’s lower income families, it’s our middle class that’s getting hit hardest. 

So, what does that mean for you?  There are literally hundreds of thousands of homes in beautiful middle class neighborhoods with good schools and great amenities available for sale at CHEAP prices.

Here is a quick checklist of things you need to do to get in on the action and get the home of your dreams at a dirt cheap discount:

1. You need to have a listing of the newest homes to hit the market.
2. You should get pre-qualified for a mortgage so you can jump on the listings as soon as you see one you like.  The best listings at the deepest discounts are usually in high demand.  If you are pre-approved for your mortgage already, you can shop with confidence knowing that you can place your bid without delays.
3. Find a Realtor to help you place a bid on the property.

That’s it!  It is not difficult to get a great deal on a foreclosure property in today’s market and people are getting HUGE discounts on the home of their dreams.  Don’t be left out. 

If you are in the market for a new home and want to cash in on literally “once in a lifetime” low prices, follow the steps above and start shopping for your dream home today!

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Before You Buy a Foreclosure Property, Do Your Homework!
Online tools allow you to evaluate potential purchases from the comfort of your home
By Rick Sharga, Vice President of Marketing for RealtyTrac

There are two words that give pause to the most motivated real estate buyer or investor, especially during the busy holiday season: property research.

In the past, property research equated to extensive legwork — often involving a trek down to the local recorder’s office — and expense that was spent evaluating a property’s market value and all the debt encumbering the property. But now a few clicks of the mouse on RealtyTrac will get you that same information for properties nationwide:

• Comparable Sales: provides up to 15 recently sold properties in the neighborhood so you can pinpoint the property’s true market value.
• Lien & Loan History: provides a list of all liens and loans (mortgages and trust deeds) against the property so you can calculate the total debt encumbering the property.

These reports are available for hundreds of thousands of properties found on RealtyTrac, the nation’s most comprehensive and convenient online marketplace for homebuyers, investors and real estate professionals, with more than 550,000 properties updated daily. You can also order individual property reports for any property nationwide.

Thorough research has always been crucial to determining a property’s investment potential. But the tools and resources needed to do that research are much more accessible now than ever before.

“When buying a property, the right examination and due diligence on the part of buyers can significantly improve their ability to make a strong investment,” explains James J. Saccacio, chief executive officer at RealtyTrac, which also maintains the nation’s largest database of pre-foreclosure, auction and bank-owned properties.  

RealtyTrac can help investors and homebuyers tap into the previously hidden foreclosure market by providing access to property data formerly available only to professional real estate brokers and investors. Today, homebuyers can use these services to identify and research potential home purchases, as well as to find the tools and professional resources they need to help them close the deal.

It makes sense to give any property under consideration — foreclosure or otherwise —an in-depth examination. First, check the Lien & Loan History for all debts secured by the property. Subtract the total amount owed from the estimated market value, based on the Comparable Sales, to determine the potential bargain. After making contact with the owner or real estate agent, arrange a walk-through of the property to evaluate its condition. Factor estimated repair costs into your purchase offer. Before you close the deal, hire a professional home inspector to inspect the property and enlist a title company to run a final title check.

If you purchase a property at a public foreclosure auction, you won’t have a chance to inspect a property before buying, which makes this type of purchase more risky. But if you’ve researched the title and determined the amount owed is far less than the market value, you’ll have some margin to cover unexpected repair costs. Before you go to the auction, set a maximum bid based on your research and stick to that bid at the auction.

Although you’ll be able to inspect the property if it’s bank-owned, the bank typically knows little about the property and will sell it in “as is” condition. This means the bank will disclose all the needed repairs it knows about, but is not held responsible after the sale for any repairs it did not know about. Factor the known repairs into your purchase offer and have a professional inspection conducted before closing the deal. You should also have a title company run a final title check before closing, although most banks will make sure the title is clear before selling.

No matter what type of property you’re planning to buy, good property research will help you recognize which properties represent smart investments and which do not. And that research is now much more convenient thanks to the extensive property research tools available online through RealtyTrac. Remember, a little preparation before the sale can help you reap huge benefits. So, it’s worth your time and energy to do a little homework!

Chapter 13 protection filings are at an all time high due to the soft economy. I have many clients that have been successfully refinanced out of their home loans while in bankruptcy. These clients assumed that the chapter 13 program was no longer available due to credit restrictions. This is not true, however, the rules are very specific. The first thing I want to address is the confusion in regards to the FHA minimum  FICO scores. The magic number according to most lenders is 620 minimum(FHA has no min credit score, lenders make a determination based on credit markets and repurchase statistics). This restriction are not an FHA restriction, it’s typically an institutions restriction, that most investors have on the books. This does not mean that every FHA insured loan has to be 620 or better. This only means 620 or bette,r for the banks that follow this credit standard. The good news is; there still banks that have niche products that others will not consider. The true minimum by all the investors I’m aware of as of 4-01-2009 is 580.

The Chapter 13 debtor may be released from the bankruptcy,by having counsel file a motion for post petition refinancing. The court will review the findings, and grant or deny the motion. There must be a compelling net tangable benefit by securing post petition chapter 13 refinancing. An example of a NTB would be i.e. “The current open mortgage is an ARM, set to adjust during the term of of the bankruptcy repayment.” There are numerous other NTB’s for a chapter 13 refinance. The guidelines are very clear about what the investor will accept for  a substandard credit grade (619 and lower) . You must answer yes to the following questions to be eligable : Since the time that you filed, all payments to the mortgage company and trustee have been on time? (never 30 or more days late preceeding the date filed) Have you been in the bankruptcy at least 24 months ? (36 months is ideal due to chapter 13 code. The plan becomes non base after 36 months/ unsecured claims are released in payoff figure) Is your FICO score at least a middle score of a 580? Are you currently employed or recieving permanate Social Security Disability/Pension/VA etc? Does your property have a loan to value of 85% or less ? Do you have at least 3 open active tradelines NOT included in the bankruptcy? (student loans are acceptable as open active tradelines, as long as they are in repayment 12 months or longer)

If you anwsered yes to any of the questions above, you may qualify for an FHA chapter 13 refinance.

The goverment is still wiling to insure loans that are considered ineligable for delivery to Fannie Mae or a traditional lending institutions. The only caveat is with manufactured homes. If the home is manufactured, (has hud tags on a perm. foundation) The property must meet HUD minimum requirments and credit grade must be a 660 FICO or higher.

Please shoot me an email or call  to discuss the details of your particular situation.

Article Source: http://www.articlesbase.com/bankruptcy-articles/chapter-13-loan-buyout-they-can-still-be-done-counselor-2092334.html

Recent reports show that in the current economic downturn, foreclosure action is on the rise in the United States. California, Nevada, Florida and Arizona have the highest levels of foreclosures in the country, and foreclosures are now on the increase in Seattle, Houston, Detroit, Atlanta and Chicago as well. Today, it’s not just people who have recently taken out mortgages that they can only marginally afford who are getting hit by foreclosure action. It’s also people with safe, 30-year mortgages who are being affected – people who have lost their jobs, and, unable to find new ones, can’t keep up with their monthly repayments.

Given that foreclosures have continued to rise since the housing market bust in 2006, more real estate-owned (REO) properties are becoming available. According to some estimates, 1 in 200 homes in the United States go through the foreclosure process and are assumed by banks. REO properties present a great opportunity for buyers because they are often available below market value at significant discounts, as a result of having already gone to auction and received no winning bidders. And with the current foreclosure action in the United States, a wide variety of properties are available for buyers to choose from.

If you’re interested in buying REO properties, there are a few ways to find out about properties for sale. If you’re thinking about buying a foreclosure home at auction, check your local newspaper, which will publish the details and date of the auction. There are several sources for finding REO properties that have been passed up at auction. Banks have information about REO properties, so visit their website or drop into a branch for a list of available homes. Real estate agents, of course, also have information about REO properties, and they can do a search based on your requirements. If you’re interested in purchasing a HUD (Department of Housing and Urban Development) property, you’ll need to contact the Department for information about properties.

Like with any home, you’ll need to arrange an inspection of the REO property. Most homes are sold “as is,” so you’ll want to get an idea of the condition of the home, how much work it needs, and the estimated value of repairs. Buying REO properties can sometimes be a lengthier process than if you were buying a regular property, so get your offer in as soon as you can, as it can take weeks for banks to review your response. Buyers should be prepared to negotiate: the bank is likely to get several offers, so you’ll probably need to improve on your original offer. It can also pay to have cash when it comes to purchasing REO properties – if you can pay upfront for most of the property, banks may be more likely to lower the price or speed up the process.

Article Source: http://www.articlesbase.com/finance-articles/foreclosures-and-buying-reo-properties-3707399.html