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December 28, 2011
REO Property
REO property refers to real estate owned by banks. It can consist of residential homes, commercial real estate, or undeveloped land. Buyers' present purchase offers through real estate agents just as with any other type of transaction. The only difference is banks own the property instead of a private owner.
REO property can be a good choice for everyone from first time home buyers to seasoned real estate investors. These properties are typically priced below market value and sold with a clear title. All are sold 'as is' and the majority is in need of some degree of repair.
Real Estate Investing article on "REO Property "
July 12, 2011
Strategic Foreclosure
"Strategic foreclosure" is the newest phrase circulating throughout the media. It refers to homeowners who elect to walk away from their underwater mortgage even if they can afford payments. As property values continue to decline, experts predict many homeowners will elect to walk away.
The problem with strategic foreclosure is walking away does not give homeowners immunity from paying their mortgage. In fact, those who engage in this strategy could end up owing money on property they no longer own.
Real Estate Investing article on "Strategic Foreclosure "
May 11, 2011
HUD Housing Counseling
Anyone requiring HUD housing counseling should jump in now before budget cuts obliterate the program later this year. Remember the looming government shutdown in early April? Well, the Republicans and Democrats decided one way to balance the budget was to slash HUD funding for counseling services that have helped thousands of homeowners avoid foreclosure.
I've referred many people to HUD housing counseling. Especially, those participating in Obama's Making Home Affordable program. MHA originated in 2009 as a way to help "millions" of homeowners stay in their home via loan modification. The program hasn't been very successful and is likely to be scraped as well.
Real Estate Investing article on "HUD Housing Counseling"
May 02, 2011
Improper Foreclosure
Improper foreclosure is something you'll be hearing about a lot. The media is abuzz over bank regulators launching a plan to provide monetary compensation to homeowners whose homes were illegally seized.
Improper foreclosure occurs when banks do not have proper mortgage assignment documents. In recent weeks, much has been publicized about mortgage lenders hiring robo-signers to forge signatures on loan documents; allowing banks to foreclose via fraudulent means.
Real Estate Investing article on "Improper Foreclosure"
April 26, 2011
ForeclosureGate
ForeclosureGate is the latest term being used to describe the mortgage fiasco. In recent weeks, numerous reports have surfaced claiming banks are responsible for the chaos and that things will only get worse for American homeowners.
ForeclosureGate seems an appropriate term considering the level of cover-up, lies and deceit which are being brought to light. An investigation into the mortgage debacle began in October 2010 after Attorney Generals from all 50 states demanded answers.
Last week, the Office of the Comptroller of the Currency, along with the Federal Reserve completed their investigation. The report claims over $535 billion in real estate mortgages may require foreclosure review due to fraudulent loan documents.
Real Estate Investing article on "ForeclosureGate"
January 26, 2011
Debtor
The word 'debtor' refers to a person who owes money to a lending institution or private individual. People and companies that lend money are referred to as creditors. This can encompass banks, credit unions, credit card companies, department stores, and private funding sources such as hard money lenders, family or friends.
In the financial world, debtor can also be referred to as borrower or mortgagor. The latter is used in deed of trust contracts and mortgage notes. These descriptions are interchangeable, but also refer to the persons who borrowed funds and are responsible for repayment of outstanding debts.
Real Estate Investing article on "Debtor"
November 03, 2010
Take Over Payments
Take over payments refers to a strategy used to buy real estate with no money down. Assuming home mortgage loan payments is a relatively common practice amongst real estate investors, but individual buyers can participate in this home buying strategy as well.
Take over payments is known as Subject To and involves transferring property rights while leaving the loan intact. The property rights are 'subject to' fulfillment of the contract. One crucial aspect of Subject To sales is most mortgage loans include a 'due on sale' clause which grants banks the right to demand payment in full when property is sold.
Real Estate Investing article on "Take Over Payments "
October 11, 2010
Homes for Rent
Homes for rent can be a profitable niche for real estate investors. In addition to offering rental homes, investors can also use properties to engage in lease options, seller carry back mortgages, and other types of creative financing options.
Many investors offer homes for rent in popular tourist locations such as mountain retreats and beach bungalows. Others offer rental properties as Section 8 to obtain guaranteed rent payments from the government. Some investors specialize in affordable housing, while others focus on luxury rentals.
Real Estate Investing article on "Homes for Rent "
September 13, 2010
How Does a Short Sale Work
How does a short sale work is one of the most common questions people ask. As more people face foreclosure, the need for short selling has increased. This strategy allows mortgagors the option to sell their home for less than owed on their home loan. However, short selling can lead to additional financial problems if not properly orchestrated.
In order to understand how does a short sale work, borrowers should contact their bank's loss mitigation department. Each banks' short sale policies can differ, but all require bank approval before listing the property for sale at a discounted rate
Real Estate Investing article on "How Does a Short Sale Work "
July 20, 2010
Probate Property
Buying probate property is a little-known way to enhance investment portfolios or buy a house priced below market value. Investing in probated real estate requires a little more work than buying homes from realtors or mortgage lenders, but the savings can be well worth the effort.
Probate property is real estate held in probate court. When a person dies their assets are held in probate until the last will is validated and outstanding debts are paid. On average, the probate process lasts between three and nine months. Inheritance property cannot be distributed to heirs until the estate is settled.