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Article
#1
Deed In Lieu of Foreclosure Could Have an Unfortunate Repercussion
Lenders have been kind enough to borrowers to work through a patchwork of alternative ways to solve missing payments on loans securing a property. Some of them are really inventive, others just mask an obvious final solution, and some attack the basic problem very effectively.
One of these ways may have an immediate attraction to the delinquent owner who sees no other way to solve an insolvable financial problem.
Let's presume that I bought a property, paid for the property with a modest cash down payment, and found an agreeable lender who thought that I was a great guy and gave me a loan for the difference between that down payment and the purchase price. The lender is not naive and will certainly examine all the things that...
Article
#2
Short Sales Gain Credence
It was not too long ago that few of us knew what a "short sale" was or had only heard about it in some peripheral conversation. These days short sales are big time--sometimes approaching or overcoming the number of foreclosures. Obviously, in a short sale someone is getting shorted--this time it's the lender.
When I have borrowed too much against the vacillating fair market value of my property, I can be left out hanging in the wind with no equity remaining. Of course, equity is the difference between the property value and the total debt secured by that property.
In prior years, escalating property values obscured the risk as we converted uncommitted property value (equity) into debt by borrowing from lenders who were willing to take some risk of not being paid. When the markets kept rising, underwriters offered investment money to the lenders at attractive rates. The lender offers the money received from the underwriters to fund loans made to the borrowers, usually though not always borrowers of residential properties, at increased rates (beyond the underwriter's rate demand) and with added...
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Archive, for dozens of articles on a variety of
foreclosure topics.
Here
are just a few of the upcoming Seminars & Workshops
we are offering this month. For a complete list of courses,
please visit our Seminar
& Workshops page.
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Two-Day Hands-On Foreclosure Immersion Plus
(Course
Summary)
This hands-on workshop is for those who need to get
involved NOW and want immediate, yet thorough, indoctrination
into the ways to make money when buying foreclosures.
This full day workshop has been forged out of two
one day workshops to minimize interference with your
busy week.
Starting
with a brief review of the non-judicial foreclosure
process in California, you will then be shown how
to do hands-on research in the County Offices where
most information relating to real estate is offered
to the public. You will be shown how to use the data
in the Assessor's, Tax Collector's, and Recorder's
Offices and how to uncover all liens, loans and judgments
affecting the available equity.
You
will attend scheduled Trustees' Sales to see how the
trustee handles the sale of foreclosures at a public
auction and will be shown the need for validating
the information obtained through your own research
which is available through little known sources such
as the Internal Revenue Services, Regional Federal
Bankruptcy Court records and the local County Law
Library.
Foreclosure Immersion Plus (2-day course)
Read
entire course description and see available dates/locations
>>
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Three-Day Tri-County Hands-On Foreclosure Workshop!
(Course Summary)
Differences in information offered and equipment available in one county which may be less accessible in another county. Counties do differ in some surprisingly basic ways. An important question can and should be raised--IS THIS THE BEST COUNTY FOR YOU in which to buy properties at the trustees' sales? Examining title and debt properly in your final (and best) county can give you a distinct advantage where it counts. It just makes sense to research in more than one county initially so that you can focus your research into the best of all areas. Then, you will have the necessary confidence in your choice!
Get to know the fundamentals in several counties before choosing the best for your unique needs. Reduce your hesitation and confirm your understanding before attending the trustee sale. Don't do what your competition does. Now you can work smarter, not harder. Thorough preparation gives you a tremendous advantage at the trustee's sale and persistence gives you the property.
Three-Day Tri-County Workshop (3-day course) --
Read entire course description and see available dates/locations >>
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Foreclosures:
The Good, The Bad, and The Fantastic!
(Course
Summary)
In
this seminar, you will learn how to make each kind
of purchase and how to minimize the risks and maximize
the rewards. You will become familiar with the documents
and forms through which property purchases are made.
Apply the basics understanding of the five ways to
acquire distressed properties by evaluating an actual
property in foreclosure and will examine that property
for a minimum of 20% equity.
You will go through the
step-by-step process of searching for a high-equity
property, investigating title and total debt, refining
fair market value and equity, writing and presenting
an offer to the defaulted owner and/or the REO lender.
Read
entire course description and see available dates/locations
>>
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Take
our monthly quiz — The latest edition is
now posted — take this month's quiz to see how much
you know! Check back each month for exciting, brain-teasing
questions that ensure you know what you need to know!
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