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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: No, absolutely not... Posted by Michael on July 14, 2003 at 10:20 AM In Reply to: No, absolutely not... posted by Ward-CA- on July 14, 2003 at 8:49 AM So, where are the real "gems" are? 90%+ of the homes that are up for foreclosure in Illinois are FHA/VA related. If the judgement amount is too high to buy at the auction, there is NO way to get them from the bank directly? Getting them through HUD at a decent prices seems to be impossible. : : Question - I've seen some properties with FHA mortgage that I would've liked to acquire, but their judgement amounts were too high and they became REOs. Is it worth to approach the bank about buying that property at a discount, or do the banks automatically turn it over to HUD in order to get compensated by FHA insurance? Thanks a lot in advance. : =========================== : Michael, : Don't waste any time with foreclosure properties that went to the insured or guaranteed lender at the foreclosure sale. : Those lenders have absolutely no incentive to give anyone a deal since they stand to get every penny due them under their VA guarantee or FHA insurance. : Hope this helps. Follow Ups: The real "gems" are the non-FHA/VA deals.. Ward-CA- 7:04 PM, 07/15/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : So, where are the real "gems" are? 90%+ of the homes that are up for foreclosure in Illinois are FHA/VA related. : If the judgement amount is too high to buy at the auction, there is NO way to get them from the bank directly? : Getting them through HUD at a decent prices seems to be impossible. : : : : Question - I've seen some properties with FHA mortgage that I would've liked to acquire, but their judgement amounts were too high and they became REOs. Is it worth to approach the bank about buying that property at a discount, or do the banks automatically turn it over to HUD in order to get compensated by FHA insurance? Thanks a lot in advance. : : =========================== : : Michael, : : Don't waste any time with foreclosure properties that went to the insured or guaranteed lender at the foreclosure sale. : : Those lenders have absolutely no incentive to give anyone a deal since they stand to get every penny due them under their VA guarantee or FHA insurance. : : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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