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There are so many foreclosed properties on the market, how can you know which one is right for you? Looking at many foreclosures can be exciting – these homes are often priced well below market value and therefore they seem like an amazing investment. Many are a great bargain, but to find the investment that is truly right for you in the long-term, consider looking for a few specific traits in every foreclosed property you consider.

One of the first things you will want to look for in a foreclosure, for example, is equity. Equity refers to the value of the home that is not encumbered by a mortgage. Foreclosure real estate is wonderful for helping you enjoy more equity because most foreclosed properties are sold with built-in equity since they are sold below market value. Let’s consider an example. Let’s pretend that you have found an HUD home that is worth $200 000. Since the home is being sold as an HUD foreclosure, it is priced at $170 000. The home offers you $30 000 in equity up front. This is important, as equity builds your credit rating and may qualify you for a lower mortgage rate as well. The more equity a foreclosure has, the better. Continue reading ‘What to Look for in Foreclosures’ »

Have you ever wondered how your lender or servicer decides what to do when you submit a hardship package to them?

Well, it’s actually pretty simple. That doesn’t mean it happens quickly or that you’ll be able to follow the process without problems, but every lender has a predetermined process to follow once you submit a hardship package to them. Continue reading ‘Foreclosure Workouts – How Do Lenders Decide What to Do With Your Hardship Package?’ »

Facing foreclosure is a difficult and often painful experience. It can raise your credit score making it impossible to get another loan for a house or a car or any other big expense. It can drain a family financially and emotionally, as the family now has to find another suitable place to live. The longer a family is in the home, the more painful a foreclosure is because of sentimental value. It can especially difficult on children as they have attended the same school as their peers and it can be painfully difficult for children to leave their friends.

There is help for homeowners facing foreclosures, one option and probably the most important one are to contact the lender and explain your situation to them. When you contact the lender the lender can offer many choices for the borrower to make an educated decision about the next steps to take. Many homeowners think the bank does not want to deal with delinquent payments but in reality, banks are more than willing to work with people that have fallen behind on their mortgages. Continue reading ‘Help For Homeowners Facing Foreclosure’ »

Bad economic times can mean an increase in foreclosures as people are unable to pay off their mortgages. In fact, presently millions of homeowners are behind in their payments. Some have simply abandoned their homes and moved away. For someone wanting to make some extra money or start their own profitable business, performing inspections on foreclosed properties is an area full of opportunity. Many inspector jobs are available. Some could be right in your own neighborhood in fact.

Becoming an independent field inspector is quite easy and doesn’t require formal training or expensive start-up costs. Field inspectors visit properties, fill out some basic forms (often about the condition of the property or neighborhood), take a few simple photos, turn in their reports, and can make anywhere from $10 to $100, often in less than a half hour of work. It can be quick, easy profits with little cost to you. Plus, you make your own schedule and take the work that you’re interested in. Continue reading ‘Foreclosure Profits in Drive by Property Surveys’ »