For the past few mornings I keep hearing those ads on the radio that proclaim you can buy a house for as little as $23,000 or less. They are of course talking about homes in foreclosure or homes being sold for back taxes. Now before you jump in and say that is a wind fall for those people waiting to buy their first home let me say DON'T JUMP. There is a catch that they won't tell you.
Some homes in foreclosure have more than just one lender wanting their money. Where you could get caught out is if you bought a foreclosed home at auction that was for the second or third loan on the house. If that is the case then you would still owe the first mortgage on the home to the lender. If the first home mortgage on the home is the one that is defaulted on then all other loans become void. Back taxes are a different matter all together. If you plan on buying a home in foreclosure do your homework and have a thorough title search performed before you lay out any money for the property.
1 comments:
Your right most people don't understand forclosure properties. You have to read between the lines.
Post a Comment