Foreclosures

It’s a bird. No, it’s a plane. No, it’s a SUPER REAL ESTATE INVESTOR! I read this article the other day and thought it worth sharing. I feel more strongly than ever that today’s real estate market is bringing the best opportunity to profit from real estate than at any other time in history….. …Hurray […]

Mortgage notes are loans created when a home is sold. Private mortgage notes are funded by a home seller rather than a bank or lending institution. They are also known as cash flow notes, seller financed notes, owner financed notes or seller carry-back notes. Mortgage notes where the seller is behind on payments may be […]

The third and final stage of foreclosure happens when no one purchases the house at the auction, forcing the bank to buy the property back itself. Remember the bank didn’t want the house back, but the property was the collateral for the money lent to the homeowner. The property now becomes Real Estate Owned, it’s […]

I am currently doing a series on my blog covering a little about each of the types of niches you could consider when investing in real estate. Go here to go to the beginning of this series. I am only covering this niche here in my blog to make sure it is understood that we […]

In my last article I talked about Pre-NOD.Today I am going to talk a bit about Pre-foreclosures. The Pre-foreclosure niche is the process leading up to the final day a property in pre-foreclosure is possessed by the bank. This is the time you will reach out to homeowners in order to find out if you […]

“Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.” The Bible – Ecclesiastes 11:2 This is good advice as long as you don’t get so spread out that you are doing too many things but nothing with success. It’s important we understand the […]

Option 14. CHAPTER 13 BANKRUPTCY Q: WHAT DEBTS ARE NOT DISCHARGEABLE? With some exceptions, the following debts remain even after bankruptcy: · Child support & alimony · Student loans that became due less than 7 years ago · Federal and state income tax obligations less than 3 years old · Debts for restitution from criminal […]

Option 3. EQUITY SHARING Definition: Joint ownership of a property by one or more owner-investors and one or more owner-occupants. The owner-investors get the benefit of depreciation, and the owner-occupants can treat a part of their monthly mortgage payments as rent, and benefit from tax write-offs for interest and property taxes. When the property is […]

Option 7. LOAN FOREBEARANCE Definition of Forbearance: The act of a creditor who refrains from enforcing a debt when it falls due. Loan forbearance is a new agreement with your lender to repay your past due payments when you are behind on mortgage payments. This will stop foreclosure sale of your home quickly. Forbearance is […]

Option 11. MORTGAGE LOAN MODIFICATION (Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA) Definition: A restructuring of loan that could result in a lower interest rate, extending the term of your loan, thereby lowering your monthly mortgage payments. If you have incurred a long term […]

Option 2. REFINANCING Definition: Paying off an existing loan with the proceeds from a new loan, usually of the same size, and using the same property as collateral. I don’t believe that refinancing your home is always in your best interest. Sometimes, once your financial situation is examined in both the short and long term […]

Option 8. PAYMENT ASSISTANCE. Definition: Programs that make mortgage payments for people who are at risk of losing their homes without assistance. Mortgage payment assistance programs may have age, income, disability, need or other eligibility requirements. Many State and local governments, as well as private charitable organizations, have programs which will pay all or part […]

Option 13. PARTIAL CLAIM. (FHA mortgages only) (Some Freddie Mac Investor loans) Definition: This is a loss mitigation option that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage payments up to date You may qualify if: Loan must be 92 days delinquent (4 […]

Option 12. V.A. LOAN MODIFICATION/ REFUNDING (Available for VA loans only) (Need at least 30 days to process) Definition: VA has the discretionary authority to buy a loan from the holder and take over the servicing. This is called “refunding”. Refunding may give VA the flexibility to consider options to help you save your home […]

Option 10. REPAYMENT PLAN Definition: You coordinate with lender to agree upon a monthly payment and the payment and interest on past due amounts. So, providing you keep up the appropriate payments, at the end of the term you will have repaid the loan in full. Terms are set up in the same way as […]

Option 9. RE-AMORTIZATION. Definition: The delinquency is added to the loan balance in order to bring your payments up to date. Adding past due loan amounts to your current loan balance increases your loan balance and will also increase your monthly payments. The amount of the payment increase will be smaller if the life of […]

The Bush administration announced a plan to help struggling homeowners avoid losing their homes to foreclosure effective this past Tuesday. The other night, Virginia from Irving Texas asked on this weeks Massive Profits in Foreclosures call “ Will this change the landscape for investors working with those in Foreclosure?” The Answer is YES- – -for […]

Option 1. PAY THE DELINQUENCY. Definition: Use personal assets to pay what is past due to get your home out of foreclosure. Under most circumstances, loan holders are required to accept payment of the full delinquency and reinstate the loan even after foreclosure proceedings have begun. Keep in mind, the delinquency may include certain legal […]