Emergency FORECLOSURE!!?

Question:

My wife, and two daughters need a home. We are currently renting a small 2 bed. apt. My wifes aunt is going through a seperation from her husband and they have a house. Since January, not one single payment has been made to their home and thats also the month they moved out and put the home up for sale. As you can see I think that there may be something to gain from this, I just don't know what(if anything). Unfortunately, their payments are 2,900 a month and we cannot afford that. Is there anyway my wife and me can benefit from this situation? Is there anyway to bring the payments down to under 2,000?

P.S. They've onwed the house for about a year now and it's been on the market for 5 months and we are first time home buyers(trying to be). We have no money down. Thankyou

Answer:
It'll all depend on how much you purchase the home for, what the yearly property taxes and homeowners insurance would be, and what interest rate you get.

Besides the taxes and insurance, which are usually pretty fixed, you can manipulate anything else about the house.

Offer a lower amount and you'll have a lower payment, get a lower interest rate and the payment will be lower, put money down and you'll have a lower payment.

It'll be hard to buy a home now with no money down, but there are first-time homebuyers programs from HUD and FHA. Contact them directly to see if they can help you.

You may also want to offer a short sale on the house, which would allow your wife's aunt to sell the house for less than what they owe on it. That might get the total amount of your loan down a lot lower than if you bought it at its market value.

Just take everything into consideration and maybe talk to your wife's aunt about what she is paying for taxes and what her interest rate is. If it's a high interest rate, then you might be able to get a better deal.

Good luck,

ForeclosureFish
http://www.foreclosurefish.com/...

Go to the bank . ask them . Depending on where you are in the country, interest rates, and all the fun stuff ..

Take the mortgage out for as long as possilbe ...that is what I did to purchace my first home .

Emergency FORECLOSURE!!?

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