Foreclosures Questions - Posted by ETinoco

Real Estate Investing
1

Posted by dutch on April 07, 2006 at 08:06:32:

Oh contrare John. Read your mortgage. They can foreclose if you don’t keep the property up to “neighborhood standards” or some such language, and a few other things. I’ve never seen it done, but it’s in there!

Dutch

2

Foreclosures Questions - Posted by ETinoco

Posted by ETinoco on April 06, 2006 at 14:53:58:

My questions are on foreclosures:

1.A property is foreclosed when the owner defaults on their payments. What are other reasons why people go into foreclosure?

  1. When a homeowner defaults on his or her mortgage payments, and the mortgage is FHA or HUD approved, is the property held by the bank or by the FHA/HUD?

Thank you to everyone that responds to my post. I appreciate your time and information

3

Re: Foreclosures Questions - Posted by John

Posted by John on April 06, 2006 at 21:31:37:

Foreclosure happens when payments are not made. Period
Now the reason payments are not made varies, job loss,death, sickness, accidents, divorce, to name a few.
On FHA guaranteed loans the bank forecloses and then HUD reimburses the bank and takes property if it does not sell at auction.