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justme
2010 Apr 25, 4:08am
justme
2010 Apr 25, 4:08am
Aribas,
>>Justme: you are 100% wrong.
Really?
>>ALL other posterior liens are extinguished, except tax liens.
Really?
Read this:
http://en.wikipedia.org/wiki/Foreclosure#Types_of_foreclosure
It states explicitly that for both Judicial Foreclosure and "Power of Sale" foreclosure, the latter being common in California, the 1st lien trustee still has to pass any payments in excess of their own claim on to any secondary lien holders.
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According to this article, many homes are being offered for sale qualifying for “HomePath†financing which is a program offered by Fannie Mae. These homes are real estate owned (REO) homes by Fannie Mae. Financing requirements are below:
1. Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
2. Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
3. You may qualify even if your credit is less than perfect.
4. Financing to fund both your purchase and light renovation.
Here is the link. http://www.doctorhousingbubble.com/
#housing