How do I attain a home that’s in foreclosure?
July 22nd, 2010
This is the situation:
My father’s home is in foreclosure and it probably foreclose within a week. I would like to know how I can attain the home and recieve a home loan. I do not have anything for the down payment. I’m 20 years old and have no credit history though I have friends who would be living with me in this home with remarkable credit. Also, if I can get the home after it’s foreclosure, does my father have to sign anything to me? Really need help. Thank you.
I live in Los Angeles County btw.
if you let the foreclosure process get to the point where the bank takes it back, you can investigate when it will be up for sale at the local court house. However, you have an upper hand, as you know it is being foreclosed on. My suggestion is that you contact the bank whom has the mortgage on your dads house. The bank do not want to take back the house, as it is bad debt on their books, and the bank most likely have alot of bad debt already. Try and negotiate with the bank to take over your dads payments, or even negotiate a monthly payment the bank determines you can afford. In short contact the bank, come to an agreement with them how much you can afford (bring your pay stubs & W2′s), and I would think the bank wants to work with you. Worst case senario, buy the property under the HUD program that allows you to put down only 500 $.
good luck
July 23rd, 2010 at 3:31 am
It depends what state you live in, as well as what county you live in. You should contact your county’s department of finance. If your county allows it you will be able to purchase your father’s tax deed by paying for the taxes he owes plus some additional fees. If he cannot pay the money back in a certain amount of time 2-10 years I believe, the deed to the house is yours.
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July 23rd, 2010 at 4:19 am
if you let the foreclosure process get to the point where the bank takes it back, you can investigate when it will be up for sale at the local court house. However, you have an upper hand, as you know it is being foreclosed on. My suggestion is that you contact the bank whom has the mortgage on your dads house. The bank do not want to take back the house, as it is bad debt on their books, and the bank most likely have alot of bad debt already. Try and negotiate with the bank to take over your dads payments, or even negotiate a monthly payment the bank determines you can afford. In short contact the bank, come to an agreement with them how much you can afford (bring your pay stubs & W2′s), and I would think the bank wants to work with you. Worst case senario, buy the property under the HUD program that allows you to put down only 500 $.
good luck
References :