Ontopic Foreclosure

ZRH said:
Guess what I'm in the process of doing -.-

There is one caveat with this though. You are usually NOT allowed to participate in the auction if you are the previous owner or if the previous owner was a living relative. You also usually need to put 10% of the total assessed value down in cash at the auction.
Click to expand...

There are also companies that are starting to specialize in buying homes for cash on the steps and then refinancing a loan for the home owner. Its brilliant really. Someone's $250k home gets foreclosed on. No one wants it cause its owner occupied. But these companies have already setup a relationship with the owner. They buy it for $50k, then finance a $50k loan at 15% interest. Investors win cause of the interest rate, home owner still generally sees a giant drop in mortgage payment and gets to stay in their house.
 
fly said:
There are also companies that are starting to specialize in buying homes for cash on the steps and then refinancing a loan for the home owner. Its brilliant really. Someone's $250k home gets foreclosed on. No one wants it cause its owner occupied. But these companies have already setup a relationship with the owner. They buy it for $50k, then finance a $50k loan at 15% interest. Investors win cause of the interest rate, home owner still generally sees a giant drop in mortgage payment and gets to stay in their house.
Click to expand...

Do you know any of these companies? I am trying to find financing and it's a bitch because of how complicated the situation is, FHA/HUD doesn't like complications and I'm going to a broker on my lunch today, other than that I'm looking at business mortgages but they are mad painful to close on.
 
ZRH said:
Do you know any of these companies? I am trying to find financing and it's a bitch because of how complicated the situation is, FHA/HUD doesn't like complications and I'm going to a broker on my lunch today, other than that I'm looking at business mortgages but they are mad painful to close on.
Click to expand...

There was a giant thread on the FatWallet Finance forums about one company, with the owner actually active in the thread. My Google is failing me now. Since then I seem to recall reading about at least one more company doing it, although I think it was in Florida.
 
maybe your house could take one for the team:

BRoFc.jpg
 
my company has had all that for the 11 years I've worked there. don't break your arm patting yourself on the back. :D
 
APRIL said:
I am implementing a new HR system now so you peons can make changes to your files like address updates, w4, direct deposit, request pto, etc.

Hmpf.
Click to expand...

We've had that at least as long as I've worked here... Can also download all paystubs from forever and W2s from previous years.
 
Also Shalimar, it might feel like you're all alone in doing this stuff but it is seriously like normal these days. I've had to attend some home ownership classes to qualify for help and there are just tons of people in the same boat. Most are even white people with jobs and shit.

Some of the stuff i've heard though, whatever you do, don't go under because judgements and shit are impossible to negotiate out of.
 
thanks all.

yes, we had an inspection, but I'd not be surprised if the realtor/dude who flipped the house/inspector were in cahoots.


again, thanks for the food for thought. It really isn't a bad house. just got a shyt ton of water damage. i don't think it's as easy as just popping in some new windows and caulking around them. gotta be hella wood rot.. probably deep into the walls.
 
You must log in or register to reply here.
Top Bottom
Back