how long does the foreclosure process normally takes?

I’m looking into buying a foreclosed house or possibly talk with a homeowner in the LA area who has a Notice of Default to take over the title and help them avoid Foreclosure. (Plus this is the only way it seems I can afford a place.) Does anyone know if there is incentive for someone to let their house foreclose? If not, why not make offers way below market value to NOD homes? I’m just trying to understand how the market works. Also, can you make offers on Foreclosed homes that would be considered by banks, or do they usually deal with specific REO banks and auction companies? Thanks.

I have bad credit with a foreclosure and bankruptcy. In the past my husband and I paid a company almost $1,500 to help us avoid foreclosure but they never accomplished anything. I would like to get some guidance on the best way to improve our credit.

I am considering a short sale on my home in order to avoid foreclosure, but before I proceed, I would like to know how it will affect my credit. Will it be as bad as a foreclosure? How long will it be before a bank will consider loaning me the money to buy another home?

I have a first and second mortgage (to avoid PMI) and I am wondering if, after foreclosure, if we are going to be liable finacially for the banks loss, or the difference between our loan balance and what they get in the foreclosure sale? I know that our credit score will be affected, but I am wondering if that is the only repercussion? I also know the laws are different in states I am in Nevada anyone that knows the nevada foreclosure law specifically would be great. I am also wondering once we move out, assuming we do so before notice to evict what role will we, as the homeowners, need to play in the foreclosure process? I have heard that you must fill out a 1099 form for taxes? saying the difference between the amount owed and what the bank gets is roughly 30,000 what would that mean we pay at tax time?

Sure. I assume that the foreclosure sale hasn’t taken place yet. The first way to avoid a foreclosure is to talk to the bank. Most banks don’t want to foreclose, and will negotiate a forbearance or a new payment schedule if it is halfway reasonable and if they think you are willing and able to perform. Call the bank and offer to negotiate. Second, some states (e.g., California) have rules that allow you to cancel the foreclosure sale and reinstate the loan if you cure the default and pay the lender’s expenses at some time prior to the scheduled foreclosure sale. You did not say where you live, so I don’t know whether you live in a jurisdiction that has reinstatement rules. Call a lawyer on this one. Third, all states will cancel the foreclosure sale if you pay off the loan before the sale. This option is often unavailable, since you would not have defaulted if you had that kind of credit. I strongly recommend option #1.

I am not in foreclosure yet, but I recently lost my position and we have very little savings so I don’t know that I will be able to save my house. We just got into our home in July and then my company lost a major account and I was out of work. I am doing sales now, but that is commission based and slow to pay. I have no equity in my home per se, and i live in California. I guess I’m wondering with the market the way it is, it might be better to walk away and try again in a few years.

Last year my house was on foreclosure list but i talked to the mortgage company and they put me on a six month forebearance agreement and told me I had 6 months to pay them there $3,000.00 so is there any loan i may get and my house is worth $80,000.00 even through I still have this foreclosure on my credit

Lower your price. Price is king right now, and homes that are priced correctly for the market are selling.