A new type of foreclosed property is starting to show up in the inventory of properties in the Twin Cities. These are properties that had “Reverse Mortgages”. They are sometimes referred to as (HECM) Home Equity Conversion Mortgages. These are mortgages that are available to persons over 62 years of age. For anyone considering one of these mortgages, AARP has an excellent booklet ...
Just because you had a Short Sale, Foreclosure or Bankruptcy does not mean you cannot get an FHA Mortgage in the future. As a matter of fact if you have rebuilt your credit you may be able to get an FHA Mortgage after 3 years. In HUD’s Mortgagee Letter 09-52, it states that “Borrowers in default on their mortgage at the time of the short sale (or pre-foreclosure sale) are not ...
According to the Minnesota Home Ownership Center, owners of homesteaded 1 – 4 unit buildings may be able to delay the Foreclosure Sale (Sherriff’s Sale) by up to 5 months by following certain steps after the sheriff’s sale is published and at least 15 days prior to the scheduled sheriff’s sale. In a “Postponement of Foreclosure Sale – Homeowner FAQ” document ...
Many buyers in today’s market are limiting their search to only foreclosed properties. They are looking for that great deal they heard someone else got when they bought. Little do they realize, they are missing many very well priced homes. Serious sellers have adjusted their prices and there are some very good opportunities for buyer’s to buy well priced properties that ...