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10 result(s) displayed (1 - 10):

December 14, 2011

Nevada Foreclosure Mediation Program

The Nevada Foreclosure Mediation Program is worth investigating if you're a homeowner and resident of the state and in need of foreclosure prevention assistance. Thus far, this program has helped nearly 8,000 property owners avoid foreclosure through loan modification, mortgage refinance, and foreclosure alternatives.

To take advantage of the Nevada Foreclosure Mediation Program requires homeowners to be proactive the moment they receive a Notice of Default from their bank. This program requires homeowners to remit an application within 30 days from the date they receive the notice.

The cost to participate in this program is $200. This covers the cost of mediation services and can expedite the approval process. Anyone who has attempted to work with their lender to stop foreclosure knows how challenging it can be to talk to a helpful person. Using mediation services forces lenders to engage in conversation to resolve the issue.

Real Estate Investing article on "Nevada Foreclosure Mediation Program "

March 09, 2011

Short Sale Eligibility

To fully explain short sale eligibility would almost require a book. The only established criterion is Home Affordable Foreclosure Alternative (HAFA) short sale program offered through U.S. government. All other programs requirements vary by lender.

HAFA short sale eligibility encompasses multiple factors. However, meeting each of the factors does not guarantee acceptance into the program. Instead, final decisions rest with the mortgage service provider.

Basic requirements for obtaining short sale approval under the HAFA program include:

1. Living in the home within the previous 12 months.
2. No real estate purchases made within previous 12 months.
3. Principal balance of first mortgage does not exceed $729,750.
4. First mortgage taken out prior to January 1, 2009.
5. Ability to provide documented financial hardship.
6. Property owner never convicted of certain types of felony crimes within the last 10 years.

Real Estate Investing article on "Short Sale Eligibility "

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 "

February 22, 2010

Real Estate Short Sale

A real estate short sale is a type of agreement sometimes offered by mortgage lenders to borrowers who have fallen behind on home loan payments. In order to obtain short sale approval certain eligibility requirements must be met. While short selling offers financial relief to borrowers, it might not be the best strategy.

The real estate short sale process can take between three to six months to complete. The first step involves contacting the bank loss mitigation department. In addition to handling short sale real estate, loss mitigators also work with borrowers to obtain loan modifications, mortgage refinancing and deed in lieu of foreclosure transactions.

Real Estate Investing article on "Real Estate Short Sale"

January 01, 2010

Mortgage Foreclosure

Mortgage foreclosure rates continue to rise in spite of President Obama's mortgage relief plan. Anticipated mortgage foreclosure statistics project an additional 9 million homeowner's will lose their homes to foreclosure by 2012.

The increase in mortgage foreclosure rates originated with predatory lending practices. Many borrowers obtained 'no money down' subprime loans. When the banking crisis occurred and real estate prices fell, many borrowers were left owing more on their home mortgage loan than the appraised property value.

Real Estate Investing article on "Mortgage Foreclosure"

November 30, 2009

Wholesaling

Wholesaling refers to a type of real estate transaction. Investors purchase properties at discounted prices and sell to another buyer for profit. Wholesaling is sometimes referred to as house flipping. When wholesalers flip houses they sell them in as-is condition and do not invest any money to rehab the property.

Wholesaling real estate can be a profitable business as long as investors have a solid team of realty professionals. Let's face it. The real estate market is a mess. Millions of Americans have lost their homes to foreclosure. Banks have engaged in short sales and have thousands of vacant properties in their portfolios. Neighborhoods are suffering the effects by paying higher homeowner association fees, property taxes and utilities.

Real Estate Investing article on "Wholesaling"

August 02, 2009

Short Sales vs Foreclosure

Short sales vs. foreclosure is a hot topic in the world of real estate. These two options might be the only thing left for borrowers struggling to make ends meet. Both can resolve financial challenges or create an entirely new set of problems.

The primary difference between short sales vs foreclosure is with short sales homeowners have the opportunity to sell their property for less than is owed on the mortgage note. Borrowers must meet certain criteria to obtain short sale approval from their lender.

Real Estate Investing article on "Short Sales vs Foreclosure"

July 15, 2009

Investors

Investors refer to an individual or group of people who invest money into specific projects. All types of investment opportunities exist. People invest in stocks, bonds, small businesses, corporations, and real estate. Each type of investment comes with its own set of pros and cons. Some can be quite profitable while others take a large chunk out of your savings account.

Investors need to become educated about the market, product, business or individuals they are investing in. It would be rather foolish to invest your life savings into a project or person you know nothing about. Although you might possess beginner's luck and strike it rich your first time out, investing is a game that requires research, planning and a watchful eye over where your investment money is being spent.

Real Estate Investing article on "Investors"

July 06, 2009

Short Sales Homes

'Short sales homes' has become the buzzword of the day within the real estate arena. Word has gotten out that borrowers who have fallen behind in their mortgage payments can sell their house for less than they owe and walk away scott-free. Sounds great, but it's not 100-percent true.

Short sales homes are sold for less than borrowers owe on their mortgage note. But, the process is no walk in the park. Most banks want evidence there is a buyer in place before they will even discuss the option of short selling property. It is not easy to locate a realtor willing to tackle a short sale.

Real Estate Investing article on "Short Sales Homes"

June 26, 2009

Short Sale Foreclosure

Short sale foreclosure properties include residential homes, commercial buildings or raw land that has been returned to the bank because the property owner became delinquent on their mortgage note.

Short sale foreclosure is also an option given to borrowers allowing them to sell their property for less than they owe on their mortgage loan. Short sales can be a saving grace to borrowers unable to refinance or obtain a loan modification. The process generally takes four o six months to complete, but allows the borrower to walk away from their home without owing further monies.

Real Estate Investing article on "Short Sale Foreclosure"