Foreclosed home?
Well Im in the process of buying a foreclosed home here surrounded by Cleveland and the real estate broker told me that it would cart a while becuase of a Cleveland Property Disclosure but when I researched this on the city of Clevelands website it says this is not needed but the broker keeps insisting that it have to be done what do I do?Answers: Many times brokers do not know their a$$ from a hole in the ground. They are self employed individuals looking for a swift buck. My advise... steal the printed page from the cities web site to your broker and show him the facts. Or, find another broker. I used to work contained by Mortgage Compliance, and it's so complicated now that most nation don't even know the rules.
Good Luck in your purchase... and please look out.
Word of caution when buying foreclosed homes. The law are different for each state, BUT below is a association that tells you something like certain law regarding this and indisputable estate definitions. It's free.
www.tandmmortgagesolutions.com
A Property Disclosure is required below Ohio's Residential Disclosure Law. This may require certain inspections to be done base on the age of the property. It may also be that there is an issue beside the property itself that needs address before the property can be conveyed. Issues approaching this can be structural, mechanical, code violation...etc.
If you really want the property, waiting shouldn't be an issue.
BTW...if you are interested in investing within more properties...I'm always looking for investors.
Moving from WV to Ohio. Looking for some safe and preferably cheap places to rent in the NE area.?
Answers: NE Ohio? NE Columbus? NE Youngstown?
If you're talking Columbus, the northeast side of town isn't very cheap. Southeast (or west) is cheaper . . . . Unless you want to get a bit farther out of town. But the entire east side of town has traffic issues.
ETA: Aha! Don't know a whole lot about that area. My ex lives in Canton, and his rent is pretty reasonable. Akron is just north of Canton, and would be closer to Cleveland. From either one, you can run I-77 up to Cleveland, and if you're going somewhere on that southeast side of Cleveland, it's not too bad a commute.
What does forclosure mean?
Answers: Basically when a bank takes possession of a home that an owner can not pay on, or who has missed payments. When that happens, the owner or owners are evicted.
Short answer - it's like repossessing your car, only it's done to your house. It takes longer, and requires that they get a court judgment against you first.
Long answer -
It means that the owner of the mortgage is taking legal action to "foreclose" on the mortgage - it's a lawsuit, basically, asking a judge to take away the property used to secure the mortgage and hand it over to the mortgage owner. You still owe the rest of the money on the mortgage, and the mortgage owner usually puts the property up for sale.
For example, you buy a house with a $200,000 mortgage from the bank. A couple of years later, you still owe $180,000, and you fall behind on your payments. So the bank files the foreclosure suit. In most states, you have a chance during the suit to catch up on payments, refinance the mortgage, etc. If you file responding documents in court, and fight the foreclosure, it can take a year for the foreclosure to be finished. If you try to ignore it, the bank could have a default judgment against you in a month.
So eventually the bank gets a piece of paper that says they now own the house and you still owe the $180,000 (minus any money the bank gets from selling the house). The bank sends the Sheriff to evict you, if you haven't moved out already, and the bank files this with the county recorder, so that anyone who might buy the house sees the foreclosure.
The bank puts the house up for auction. Say it sells for $150,000. The bank gets that money, and you still owe $30,000. (And the foreclosure went on your credit record, along with the details of your late payments, etc.)
If you have *any* chance to sell the house before foreclosure, it's a good idea. You rarely win out at foreclosure.
"Foreclosure" is when a lender sells or repossesses secured real estate, as a result of the borrower defaulting on their loan.
In other words, the buyer buys a house. He doesn't have hundreds of thousands of dollars of cash laying around, so he finances it. Usually after he has missed about three payments, the bank begins foreclosure, a legal process to take ownership of the house or sell it. Either way, the buyer/owner who missed his payments, loses the house.
We are currently seeing a "foreclosure crisis" as an aftereffect of the housing boom of 2002-2005, in which literally millions of people bought houses at inflated prices, often with little money down, with marginal "subprime" credit, or with adjustable-rate mortgages. In many cases, the mortgage payments suddenly increased after a low introductory period, often a drastic increase to much more than the buyer/borrower can now afford to pay on a monthly basis. The high rate of defaults has also negatively affected the lending and banking industry, who have to absorb the costs of taking back houses that are often now worth less than the amount the borrower owes ("negative equity").
Hope this helps.
-Kevin
Foreclosure means the lender (First position holder) is going to take the home back from the home owner because they are really late on mortgage payments. There is a solution. Try to sell the house, Refinance, or file bankruptcy (stops foreclosure process).
Check out this website: tandmmortgagesolutions.com