If you've been suffering with financial problems severe enough to put your property at risk, I can help you determine if bankruptcy is a good option for you. Find out more about getting a new financial start with a Maryland Bankruptcy. There are many ways to avoid foreclosure and stay in your home, so don't hesitate to contact me for compassionate, non-judgmental legal help.
On the other hand, if you're looking for a way into the housing market on a limited budget, bank-owned properties offer bargain-hunters great opportunities. You can save even more money by taking advantage of government programs.
Consider purchasing a HUD (Housing and Urban Development) property for especially low prices. These single-family residences have been foreclosed on, but are still insured by the FHA (Federal Housing Administration), and can be excellent investments.
To purchase a HUD home, you'll need to participate in an online bidding process. The first cycle of bidding is for homeowners only. The second cycle of bidding opens the property up to investors.
Special programs allow certain qualifying properties to be listed in a lottery before they are listed for the general public. One such program, Good Neighbor Next Door (GNND) provides buyers who work in law enforcement, firefighting & rescue, emergency medical services, or teaching the opportunity to purchase a HUD home with a 50% reduction in the list price. For example, if you qualify for GNND, you could purchase a $200,000 HUD-listed house for $100,000. You would still have to qualify for a $200,000 mortgage loan, but you wouldn't have to actually pay that price. The full mortgage lien would be in place for the first 36 months, but it would be reduced by 50% after that.
HUD homes can be very good investments, and if you qualify for GNND, a HUD home can be surprisingly affordable. If you work in one of the professions honored in the GNND program, and you're looking to purchase your first home—or you're just on a tight budget—consider including HUD properties in your search for the perfect home.