How to Buy a Foreclosure
There are some factors to consider prior to buying a foreclosure
Buying REOs is a worthwhile purchase, but are you aware of what you are buying?
Who is responsible for the foreclosure process happening?
Real estate tips from Derek Ebrecht of GREEN LIGHT REALTY. Information is provided by “It’s Time to Move Up”, the real estate resource for consumers who want their questions answers in ways they can understand.
What Happens During A Foreclosure?
A foreclosure is the last step of a long process where the lender tries to recapture their money. It will start with a pre-foreclosure once a borrower has missed their first payment and the lender will send a late payment notice.
What is a Foreclosure?
Foreclosure is a process that enables the lender to recover the amount owned on the defaulted loan by selling or taking ownership of the property securing the loan.
What is the Foreclosure Process?
Foreclosure occurs when you fall behind in your mortgage payments and your financial lender proceeds by taking legal action to reclaim the property and sell it on a public auction
Preforeclosure Frequently Asked Questions (FAQs)
A Preforeclosure sale allows the homeowner in default to sell their home and use the net sale proceeds to satisfy the mortgage debt, even if it less than the amount owed.
How Foreclosures Work
The foreclosure process differs by state, but there are some general steps to take if faced with foreclosure.
Learning how to manage the foreclosure process and maximize your rights and protections afforded you by the law requires that you have some understanding of the legal process of foreclosure, the triggering events, terms, documents and deadlines that control the foreclosure process.
You should always contact your lender as soon as you realize you will have a problem with your mortgage payment.
Keeping Foreclosure At Bay
Keeping foreclosure at bay is very much like discovering cancer at an early stage. The earlier it is caught, the better is the chance of survival.
There are Solutions to Foreclosure
People can lose jobs or become temporarily disabled, or even incur unexpected medical expenses or end up making a choice between paying the mortgage or pay for an expense car repair that gets them to a job that pays the mortgage. If you are confronted with the reality of defaulting on your home mortgage, here are some things to remember.
Finding a Foreclosed Property
Pre-foreclosure is a crucial time in the foreclosure process because as an investor, you stand to make the largest profit and negotiate a favorable deal for both the owner and the bank.
Buying A Foreclosure
Find out what you can get on the market and check out the estimated market value of the property
The best mortgage advice, is to never miss a payment. Stuff can happen…to cause issues with making this promise.
What to Do if you Default On Your Mortgage
No lender wants to foreclosure on a mortgage as the foreclosure costs them more money than they can make back from the foreclosure sale.
Mortgage Loan Workout Plans
The workout plan will depend on the seriousness of the default and whether your financial problems are short-term or your payment ability has been impaired for the foreseeable future.
Foreclosure Laws and Procedures By State
Compare State Foreclosure timelines using a simple one-page chart.
Judicial vs Non-Judicial Foreclosure
Each state processes real estate foreclosures differently. It’s important to understand these differences and each of their state’s procedures. Each timeframe can vary greatly from each state.