nightmere@sbcglobal.net asked:


My husband and I would really like to get into buying foreclosed, pre-foreclosed, and hud houses to flip them. The problem is- we already have a mortgage and only have about 10K in the bank. I’ve heard that you have to have cash to buy auctioned homes. Are there foreclosed homes you can get a loan for? I’m just learning about this so any advice about how we can finance this would be greatly appreciated.

MaggieMay asked:


We are would be first time investors in real estate and have been studying up the various stages of foreclosure and the ways to buy. We thought we had enough to buy one property for us, and another as an investment, but having learned more about this market generally, and wanting to keep away from the lower priced, lots of repairs options, we are starting to get concerned about our ability to fund this grand plan. We will be able to get a line of credit on the home we would buy as a residence though. What other options have we got when we haven’t time to raise a mortgage to close a deal?

ORDER 66 asked:


I’ve been reading about how there’s a real big problem these days with people losing their homes? I’m sure that sudden unemployment or over-spending might account for some of it, but there must be some other reason. Is it the type of mortgage they are in? Like an A.R.M? How dangerous are they?

Thanks!

Ms.Content asked:


The housing market is in a crisis right now and i know that many ppl are going through foreclosures.I don’t wanna get a mortgage or rent if i can just learn more about foreclosures and how to get a home that way. So how do i purchase a home that’s been foreclosed?

John L asked:


A significant number of people that don’t qualify for traditional home loans accept subprime loans to get into a home of their own, often without understanding that their mortgage will jump dramatically.

Lenders, on the otherhand, are making loans to people that can barley make the starting mortgage and will find it almost impossible to make the payment once the mortgage increases.

Many people got into these loans with the expectation that the value of their home would increase and they could refinance, but in the current cool market it’s nearly impossible to refinance.

Again, who’s to blame? A person for taking the loan they can’t afford or the lender that knows that the family will probably lose the house?

Cordova asked:


I am hearing it is becuase so many people are losing thier jobs. I am hearing it is because of sub-prime loans. Anyone close to the situation, real estate agent, mortgage folks and the like, please give me your take.

africanbfly asked:


Even though I am about to lose my house, I am very fortunate that my mother has agreed to buy a house for me - I would pay the mortgage and expenses. But we are looking for a foreclosure or any great deal. Is there a one stop source to find these properties in my area?