Comments on: What is the catch to buying a foreclosed home? Are the foreclosure lists legit? http://www.em-forma.com/what-is-the-catch-to-buying-a-foreclosed-home-are-the-foreclosure-lists-legit/ Helping You Stay In Your Home Fri, 29 Oct 2010 18:51:02 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Vince M http://www.em-forma.com/what-is-the-catch-to-buying-a-foreclosed-home-are-the-foreclosure-lists-legit/#comment-1225 Vince M Tue, 01 Dec 2009 21:28:10 +0000 http://www.em-forma.com/what-is-the-catch-to-buying-a-foreclosed-home-are-the-foreclosure-lists-legit/#comment-1225 As "bostonian" says, the catch is the fee you pay for the list. You can get the same lists for free if you know where to look. NOT true about the taxes. When the homes are sold, any money that is owed for taxes, or towards the unpaid mortgages is taken from the purchas price of the home. If there is STILL an unpaid balance on the debt, the original owner is still liable for it. The new owner only assumes the financial responsibility ANY new owner of the property would assume. As “bostonian” says, the catch is the fee you pay for the list. You can get the same lists for free if you know where to look.

NOT true about the taxes. When the homes are sold, any money that is owed for taxes, or towards the unpaid mortgages is taken from the purchas price of the home. If there is STILL an unpaid balance on the debt, the original owner is still liable for it.

The new owner only assumes the financial responsibility ANY new owner of the property would assume.

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