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Old 05-21-2015, 04:41 AM
 
758 posts, read 583,775 times
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So what is with The Auction House? They are usually The HUD House?! Why is The HUD House email say that they expire in a few days?! Does that mean they just can't be sold?! Is The HUD House Aucitonings similar to just any other Auction House? (which would be?) Because of the short time period, will the potential buyers form a mob like Black Friday? The Mortgage can be obtained for a HUD Auction House? After all, it is a HUD house, they are usually FHA? But why are some Uninsured? And Some are Insured? And Many Are Insured Escrow? And Is Insured Escrow A Scam?! "And What Is 203K Eligible: Yes"?! How does this impact mortgages?
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Old 05-21-2015, 04:51 AM
 
35,121 posts, read 37,911,509 times
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Okay all the icons are beyond annoying.

Also, you can ask all of your questions in one thread since they are related questions, there is no need to start multiple threads for the same topic.

You need to contact a Foreclosure Specialists at a bank or real estate company and ask them all of your questions.
Since they generally specialize in foreclosure, short sale, etc they should be able to explain it all to you.
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Old 05-21-2015, 11:39 AM
 
Location: Phoenix, AZ > Raleigh, NC
14,339 posts, read 17,561,906 times
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I'm going to quote Smart Money's reply from one of your other threads because it's GREAT advice. It's wise, helpful and tactful.

Quote:
Originally Posted by SmartMoney View Post
Your many questions suggest you would benefit greatly from first time home buyer education in your area. Using the zip code associated with your profile, there are a few in your area. I quickly located TCHP, Inc. : Programs & Services : Homebuyer Education and City*of*Denton, TX : Homebuyers Education Class

In the class, you will learn that for the entire 30 years intererest is paid in arrears, or after the fact, with the exception of the month you close in.........or, RESPA makes certain the lender never has too much money at any given time in your escrow account and what happens when they do. HUD RESPA FAQs by Consumers about Escrow Accounts. You ask if it's possible to separate escrow accounts - the answer is yes, with 20% down. The feeling there is if you don't have the ability to save the down payment, would you have the ability to pay a tax bill in the thousands? If you don't pay your taxes, the county can foreclose on the home for tax deficiency, so the lender must race to pay your taxes or lose their collateral.

As someone that lends in all 50 states, I can share each state is unique in their closing costs. Some states require you to pay 12 months taxes in advance, while others are in arrears. Many have regulated title insurance fees and others are what we call "attorney states," meaning only an attorney may handle the closing. So, the many questions you have, the individual answers may not apply to you. Homebuyer classes cover your regional specific issues. And, if you can't attend, many offer online classes for no charge and would be the best source for your answers.
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Old 05-21-2015, 11:41 AM
 
4,547 posts, read 11,564,064 times
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Quote:
Originally Posted by In_Correct View Post
So what is with The Auction House? They are usually The HUD House?! Why is The HUD House email say that they expire in a few days?! Does that mean they just can't be sold?! Is The HUD House Aucitonings similar to just any other Auction House? (which would be?) Because of the short time period, will the potential buyers form a mob like Black Friday? The Mortgage can be obtained for a HUD Auction House? After all, it is a HUD house, they are usually FHA? But why are some Uninsured? And Some are Insured? And Many Are Insured Escrow? And Is Insured Escrow A Scam?! "And What Is 203K Eligible: Yes"?! How does this impact mortgages?
Have you talked to a lender yet? If not, it should be your 1st step in the home buying process.
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