I am planning on buying a bank repo house. Do I need a real estate agent or can I just go to the bank and buy the repo house through them?

If I buy the house directly from the bank, will I save on commissions because Im dealing directly with the bank or there is not such a thing?

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Here is the situation. My boyfriend is about to buy a house, we will be signing the papers sometime this week. He has a $406.00 a month truck payment. needless to say, that money going toward the truck will need to be used for the house payment. now- he is going to sign for the house, and right after, get a voluntary repossession on the truck. when he does this, the truck goes to auction, correct? and after the auction, he will need to pay the balance that is left, right? Now the main question is… how does he go about paying off the remaining balance on the truck? does he still have to make the 406 dollar a month payment until the balance is payed off?! OR is there a special credit card that he can get beforehand ( to make sure he has a good intrist rate before his credit goes down the drain due to the repossession) that he can put the balance on, and make smaller monthly payments?!?!?! someone with actual knowledge or experience in this situation PLEASE HELP! =(…. THANKS!

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Here is the situation. My boyfriend is about to buy a house, we will be signing the papers sometime this week. He has a $406.00 a month truck payment. needless to say, that money going toward the truck will need to be used for the house payment. now- he is going to sign for the house, and right after, get a voluntary repossession on the truck. when he does this, the truck goes to auction, correct? and after the auction, he will need to pay the balance that is left, right? Now the main question is… how does he go about paying off the remaining balance on the truck? does he still have to make the 406 dollar a month payment until the balance is payed off?! OR is there a special credit card that he can get beforehand ( to make sure he has a good intrist rate before his credit goes down the drain due to the repossession) that he can put the balance on, and make smaller monthly payments?!?!?! someone with actual knowledge or experience in this situation PLEASE HELP! =(…. THANKS!

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My husband’s car was repossessed six years ago. It has since passed the SOL and it will fall off his credit report in one year. Mistakenly he may have reset the SOL by talking to the collection agency and acknowledging the debt. Maryland law is a little confusing in regards to resetting SOL. When his car was repossessed he owed the original creditor about $7000 the balance has now gone up to $39000. We REFUSE to pay that amount on a repossession. They were willing to settle for $13000 which still seems like a lot for a old debt. My questions are, Did he rest the SOL by acknowledged debt, we have not sent off any payment or put anything in writing all communication has been over the phone? Since this is the only thing on his credit should he settle in order to buy a house now? Or should we play the waiting game and wait a year for it to fall off his credit report before buying a house? The main motivation in buying a house now is that the market is good for buyers and we have the money now to buy a house. Any answers would be helpful.
Good Advice so far and to Cat Dad it seems that sometimes during the day are more active than others. So that is why I asked the question again, hoping to get more responses. I really don’t see the problem with wanting to reach more people for more advice : )
Just because I repost does not mean you have to REspond. But Thanks!!!

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What should a person who is single makes $30,000 a year, has a very poor credit score of about 500, had a foreclosure and a repossession, but does not have any debt be doing now if they want to buy a house a year from today?

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My husband and I live in a crap, crap, crap, did I mention crap mobile home. Well, now we need to buy a house becuase our place is falling apart and I hate that my son has to grow up in such a POS. Anyway, we still owe on this place but KNOW that no one will pay a penny for this place. So, I’m wondering if my husband agreed to a voluntary repossession and we got the mortgage in my name how bad would that hurt us?

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