Expert: Dick Dennis - 6/27/2008

Question
i actually have several questions...i am interested in buying a foreclosure in good condition in the Omaha area but i am not sure how to get the information without having to subscribe to some silly program in order to do so. how can i get the needed information on listings? my next question is about the home that i currently own. my mortgage company recently added a flood insurance policy on top of the one i already had and it obviously raised my mortgage! i took on a room mate in order to compensate for the extra money. are they allowed to do this even though the federal government approved the first policy? if so why is that? and is there any way for me to get around this? thankyou so much for taking the time to help me with my question

Answer
I'll answer the 2nd question first, Mikala: Apparently your flood insurance you had was insufficient. It did not cover enough to keep the mortgage holder's safe. Otherwise, if it is enough, then you put your foot down and inform them via letter, sent via certified mail, that you DO have enough coverage and they are to remove what they put on your obligation.

Most of the banks and other mortgage lenders have a whole inventory of foreclosures or pre-foreclosures. Contact them all until you find the house you are willing to buy. Most real estate offices also have a whole list of foreclosures offered by banks and lenders. Do not be concerned about having to add a commission on to your purchase price because the lender is not going to change the price whether you buy it through them or a real estate office. Most foreclosures are listed with real estate offices anyway.

I wish you well.

Dick Dennis