Dallas Pre foreclosure Frequently Asked Questions

Most of seasoned investors, new investors, first time home buyers and who wants to buy a second house as an investment would like to learn more about pre foreclosure and foreclosure properties in Dallas.

Before getting into Dallas foreclosure properties lets start from the basics like what is preforeclosure? The Preforeclosure Sale (PFS) Program allows the mortgagor in default to sell the home and use the net sale proceeds to satisfy the mortgage debt even though these proceeds are less than the amount owed.

What kind of hardships does a mortgagor has to have experienced in order to qualify for the PFS The Preforeclosure Sale Program? Mortgagee Letter 2000-05, Paragraph B. Cause of Default, page 4, states “HUD does not have a “hardship” test. Mortgagees may offer FHA relief options to mortgagors who have experienced a verifiable loss of income or increase in living expenses to the point where the mortgage payments are no longer sustainable.

Is it the responsibility of the mortgagee to acquire marketable title?Mortgagee Letter 2008-43, Paragraph G. Condition of Title, Page 9, states in part, “All properties sold under the PFS Program must have marketable title.

HUD ( U.S. Deparrtment of housing and Urban Development) mentions these frequently asked questions, this information is current as of 25 March,2009 and HUD has a great website that you can find more information, learn how Dallas foreclosure process works as well as other DFW cities like Plano, Frisco, Allen, McKinney, Carrollton just like others in the nation.

Most foreclosure properties are strated to become newer and nicer homes, that most of the time you may get a good deal for them. Dallas real estate market has not been affected from foreclosure properties as bad as the other cities in the nation as you know.

Let me know if you are interested in Dallas Foreclosure Properties, Plano Foreclosure Houses, Frisco Frocelosure Homes, Dallas Foreclosure Condos and other DFW Foreclosure houses.

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