Questions about buying a foreclosure home in CA.???
Written By: admin on September 18, 2009
One Comment
My husband and I are thinking about buying a home that is in foreclosure, but are unsure of a few things.
*The property we are considering has been in this other family’s hands for ten years, but a couple of years ago they took out a 0,000 2nd mortgage. So between the first and second mortgages they owe close to 0,000. The property now is only worth about 5,000. From what I know, it is the second that they have fallen behind on.
So, if we were to buy this property, would we pay what the home is worth, or would we somehow be responsible for the entire debt?
Also, does anyone know anything about the HUD Officer Next Door program? (It’s where officers can buy HUD homes for 50% off) The website says their are no homes in my desired area at this time. Do they use foreclosed homes for this program, and if so will it be just a matter of months before they are flooded with available homes?
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HUD really buys the homes themselves and then resells them, usually at a loss. They only have so much funding, it does not matter how many homes are available, they will not be buying more. Also, they only buy homes in "distressed" neighborhoods (terrible side of town) with the thought of moving normal people into the neighborhood it will improve.
As far as this house…..
Is it already foreclosed? If so you are OK to buy it, the second already settled with the first, which is what they need done to sell the house.
If it is "in foreclosure" you need to go on. The first still holds first place, so they will want their entire 350k and the second will have to settle for remaining 75k, loosing 225k.
They are more likely to settle the first and just sit on the property for 2-3 years until the market improves. Their investors will not go for a 79% loss. If they wait it out their total loss will be much less.