Raleigh, N.C. — A Wake Forest man made more than $1 million by swooping down on homes in foreclosure and using an intricate shell game involving fraud, forgery and offshore companies, according to federal authorities. Foreclosed homes can vary from a regular home purchase, and you will want to research all loan products available for this type of transaction, including traditional loan products or an FHA 203(k) Renovation Loan (a mortgage that provides the purchase price plus funds for renovation by financing the as improved” value of the home). The Purchaser will sign an Acknowledgment of Purchase and the Conditions of Sale.
Before the bank foreclosure on the property, there is a judgment sale date in the process if the property does not sale, the bank acquire the property via Certificate of Sale/Title, the bank may go after the borrower’s to collect the unpaid balance plus foreclosure costs by issuing a deficiency judgment with the county court or something they sale the unpaid balance to a collection agency which goes after the borrowers for collection.
You might also want to try your hand at bidding for a foreclosure on the courthouse steps. You are responsible for the unpaid mortgage balance plus whatever costs they incurred to do the foreclosure. Although HUD is not a lending institution, purchasers of HUD homes may qualify for FHA-insured mortgages. Buyers can go to a specific area and search for Tacoma foreclosures and bank-owned homes. Homes in foreclosure can be sold in different ways, depending on the province’s regulations. Owners of foreclosed homes are the only ones who suffer financial loss in the process.
In Ontario, however, homes in foreclosure are generally sold by power of sale, which means the lender can sell the property outright, without getting permission from the court. A foreclosure can occur when mortgage payments are not made over a period of time and efforts to resolve the default are unsuccessful. A house that has gone through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage.
Foreclosure activity in August at the Middlesex North Registry of Deeds district was down considerably from a year ago. Kelly Kernick, a realtor also out of Calgary, says he gets frequent calls about properties in foreclosure because the initial price seems good, but once he explains the court process to potential buyers, they usually lose interest. Still, the article got me wondering about the size of mortgage being used to purchase homes in the Middlesex North Registry of Deeds district. If you’re looking to buy something that’s in move-in condition, then maybe a foreclosure isn’t for you.