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Do banks give you a mortgage on a foreclosed property? Lets say this list balance
This is a discussion on Do banks give you a mortgage on a foreclosed property? Lets say this list balance within the General Chat forums, part of the Main Category category; is $130,000.00...? Are you buying the house for that price?? I am clueless......
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06-12-2008, 03:01 PM
| #1 |
| Junior Member Join Date: Jun 2008
Posts: 1
| is $130,000.00...? Are you buying the house for that price?? I am clueless... |
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06-12-2008, 03:01 PM
| #2 |
| Junior Member Join Date: Jun 2008
Posts: 1
|  There are a few who think a foreclosed house has a jinx on it, but yes...fannie mae and freddie mac, FHA, VA, all loan on homes being purchased while the owner is in foreclosure or after when it's owner by the investor. HERE's the problem..IF the place is TRASHED, then look for lenders to say no or require a "hold-back" in escrow...enough funds to do the work after your deal closes, to be paid for from that escrow account. |
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06-12-2008, 03:02 PM
| #3 |
| Junior Member Join Date: May 2008
Posts: 3
| You are asking 2 separate questions. To your first question of if you can get a mortgage on a foreclosed property. The answer is simply... *YES* Onto the 2nd question.... The "list balance of 130,000". That is *not* the price of the house. That is the balance that is owed on the mortgage. The bank can try to get current market value or just the mortgage balance. It is up to them. Usually, they go for a little under current market value first. IF they can't get it sold, they'll opt to try again for a lower amount or they'll just buy the home themselves and call it a Bank REO at where they'll again try to sell it for current market value. |
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