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Re: USDA Foreclosures

Posted by Bill H on March 23, 2005 at 22:10:26:

In Reply to: USDA Foreclosures Posted by Jerry on March 23, 2005 at 19:11:09:

: Does any one know about USDA foreclosures? I know a little about conventional foreclosures, but do not know a thing about the USDA kind. For instance, where in the hierarchy does the USDA sit? Are they in front of a "first mortgage" or behind? If I clear the USDA "loan" is most other debt wiped out, or do I still owe on a first or second or????Are they in line with an IRS lien or well below?: Any help would be greatly appreciated.: Jerry

Jerry:

In general I would say leave the USDA foreclosures alone. They are always more than you expect. They have a low interest, loan foregiveness, all sorts of clauses that come into play if the borrower has not lived there almost forever. They also have program and non-progarm loans that some you can buy and some you cannot unless you meet certain criteria

In short....PASS.

If you buy it pre-foreclosure...you inherit all the back payments, etc.

I had one for 70K that turned in to 105K when the USDA told me what they would tack on...I passed.

Their website is ......http://www.resales.usda.gov/.....

Good Luck,Bill H

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