What agencies are available to help you refinance a foreclosure around Aurora, IL?

Isn't this bailout suppose to help people with this issue?

The bailout is meant to help banks and financial firms who have the issue of too many foreclosures on their books dragging down the value of their mortgage backed securities.

Sorry, but you have to pay your mortgage and pay to bail out these criminals. $850 billion is a lot of money; I'd suggest getting your mortgage taken care of first and then you can work on helping bail out Wall Street.

But on the bright side, while you may not own a home, you can be assured that your government now owns minority stakes in some of the largest banks in the country.

Call your city, county, or state government and ask what they've done to help the foreclosure situation. They'll probably have much more relevant plans than anything the federal government is working on.

Good luck.
ForeclosureFish

Can I get a Hard Money loan & then Refinance Mortgage on a foreclosure property?

And How do i go about it? I took a brief real estate class and i remember the general discussion of hard money lenders and how they give you a large sum for a short time for things of this nature. I'm thinking about getting my first home but have limited funds and thought of this as an alternative.

Yes you can get a hard money loan and refinance later but know this, hard money loans are expensive and if you do not structure the deal right you will run into loan seasoning issues with the bank at time of refinancing. So you will have to know who you are getting the money from. Hard money lenders charge as much as 16 points (MAX by Law) and sometimes collect 6 mo interest in advance added to the total you need so if you want to buy a property on foreclosure and end up having paid only 65% of market value you will have to offer about 50-52% of asking price to end up with some equity in the property so you will be able to refi without a problem. If you need more help with this send me an email and I help you set it up the right way so you don't get burned. (been there, done that)

Dose anyone know of a loan company that dose a loan in Ohio for pre foreclosure refinance?

Just divorced and need to refiance do to Ex but close to foreclosure.

Sorry to hear about your situation! That just stinks.
Try your local Neighborhood Housing Services. Most of them are able to loan you money - up to 3K - to get you current on your mortgage. They will then add that amount to the end of yor loan.
If you don't have a local NHS, try this number: 1-888-995-HOPE. It's reputable and is a non-profit. (here's a link if you want to read more about it first: http://www.nw.org/network/newsRoom/pres ... 051407.asp).
You might also want to check with your city government. With Ohio having such high foreclosure rates, many cities (big and small alike) have created task forces that specifically deal with foreclosure prevention. They might be able to assist you financially as well.
I hope that helps! Good luck!!

:EDIT: On a side note, please be careful! Try to go to a non-profit organization or a reputable for-profit lender. Many times, the predators come out of the woodwork when you are in a sticky situation and they will try to take advantage of you, making your issue worse than when you started. Keep a good head about you and ask a LOT of questions. Trust your gut. If it sounds too good to be true, it probably is!

How Soon Can I Take Out a Home Equity Loan or Refinance After a Cash Purchase of a Foreclosure?

The house is only 10k. So if I pay 10k cash, how fast can I do a home equity loan for that 10k? I need to make repairs as it is a foreclosure in poor condition. Can I do a refinance loan and get more than I even paid for it if it appraises higher than 10k, which it will? Thanks for any help

It all depends on the difference in the value of the place and the amount owed on the loan - that is what's considered your equity. Many banks will only loan up to about 80% of the equity, but a few go higher. For example, lets say you owe $50,000, but the place is worth $60,000, then you have $10,000 in equity. Take 80% of that and you have about $8,000 you could loan against.

I found a great article about it on
www.payoffmyloansnow.com

If you obtained a cash out refinance what happens when it ends up in foreclosure?

Example: You refinance with $200,000 cash out & house appraises at $650,000. The loan is $520,000. Value of property drops to $450K so you can't refi; the cash has been spent & now it is going into foreclosure. What will bank do?

They go after your other assets, accounts, property and wages until you have repaid all of the money they gave you, interest on it and the legal expense of getting their funds returned to them.

Eventually you will pay them back.