How To Buy Foreclosed Homes For Sale

i brought a home at a foreclosure sell in florida 3 months ago, i have a buyer now, what are the guide lines on how much profit i can make.

I own an investment property in Florida although I live in California. Like so many other homeowners, the market has left my investment upside-down. I have not made a payments now for 4+ months. I’m pursuing a short-sale on this property. In fact, I just received an offer. Well, I was served legal papers (Lis Pendens) a couple of days ago and have 20 calendars days to issue my response to the Court. Only a day later I completed and submitted all financial documents & hardship letter (105 pages) to the lender for their consideration of the short sale or other options (i.e., Deed In Lieu or loan modification to current value of home).
The Lis Pendens states that “Your written response, including the case number given above and the names of the parties, must be filed if you want the Court to hear your side of the case. If you do not file your response on time, you may lose the case, and your wages, money, and property may thereafter be taken without further warning from the Court.”
Question: Is there an official document I need to submit to the Court, or can a certified letter suffice? Also, can the letter simply request additional time (e.g., 60 days) to find a qualified attorney to represent my interests? If available, please respond with sample letters. Thanks.

If there is not enough $ bid at the sheriff sale to cover the full payoff and attorneys fee, and there is a deficiency balance they can get a judgment against you that will attach to the other property. There are homestead exemption laws in Fla. for a certain amount of $ I believe it’s $25k. If the other house is a rental property, and not your primary residence homestead does not apply. There are garnishment laws as well. If you are the head of household they can garnish your wages of anything over
$500 a week that you earn.
Call the lender, and see if you can enter into a forebearance agreement. If they do that you will be paying back the arrearage over a peroid of time plus your regular payment. This will stop the foreclosure.
In the mean time list it for sale for the payoff plus real estate commission.You can also try to sell it yourself for the payoff. The lender may also consider a short sale where they release the lien for less than the payoff. Check the value at yahoo real estate home gain.
Believe me they do not want the house just the $.

I am considering the Deed in lieu of foreclosure option but I have a Home equity line of credit on my house. Is this something that can still be done? BTW I live in Florida if that has any bearing on the answer.
Thanks in advance for any advice

We live in south florida and the place we are renting is in the process of being foreclosed. About 8 months ago we were served papers stating that foreclosure was being filed for. We want to stay here as long as possible, but need to move before we get evicted. How much more time might we have?

hi i live in the uk can anyone tell me is it easy to buy foreclosures property in florida or would take me a long time like travel back each month to sort paper work out .

I live in Florida and I just received notice that my landlord is going through foreclosure. I would like to leave as soon as possible because I am in school and don’t want to be kicked out with only 30 days to find a new place. Do I have the right to break my lease, without any harm?

Anybody knows anyone?

Hi,
I am in a situation where the lenders will probably foreclose on my Florida condo (investment property) because I cannot pay the mortgage any longer. The problem is that the property is now worth less than the mortgages on it. I have a first mortgage of 400k and a second of 112k, and the property may only sell for 399k or so.
My questions are:
1. What will be the effect of foreclosure on my credit record and how will that affect my ability to ever purchase another home?
2. If the lenders foreclose, can they come after me for the difference in what they get, and what was owed? Will they take my 401k savings (about 15k) and can they touch my primary residence in CA? If they foreclose, will I end up owing them the difference, or do they just “forgive” it?
Many thanks,
GN.

i’m looking on the east coast around titusville. i also need to know if i need all the money upfront or will i have time to get it?