How much of a deposit do i need on a pre-forclosed home or a forclosed home loan? in NJ

Asked 3 months ago - Cherry Hill, NJ

I dont have much money so I need to know what type of loan is best. i already live in the home i want to buy. the home is in another name right now. any advice would be great. i dont want to leave my home.

Attorney answers (2)

  1. Savyon Grant

    Contributor Level 13

    Answered . It depends on the deal and your credit score. You can sit with a mortgage broke that can prequalify you. I know one that can get you approved before you find a house subject to appraisal.

    All answers given are on a general basis and are not meant to be taken as legal advice. Without reviewing... more
  2. William J Popovich

    Contributor Level 16

    Answered . Not a legal question, that is a question from the bank you will be trying to get your loan from. If you buy it at auction you should expect to have a sizeable (20 percent) deposit in cash or cashier's check on you at the auction.

    When you ask 5 or 10 questions on the same topic, you are probably showing you need an attorney. There is just too much in the complicated transactions that come with this kind of transaction.

    This should not be considered legal advice and is intended for educational purposes only. It does not constitute a... more
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