« « Buying During the Preforeclosure Stage Part 1

Buying During the Preforeclosure Stage Part 2

It’s a tricky time to buy the property. One of the worst things you can do is to take over the seller’s defaulted mortgage only to later discover that the seller also has other mortgages on the property. Or that the property has liens on it from other lenders for the seller’s bad debts. You could buy the property and end up owing more than its value! [Read more…]

Buying During the Preforeclosure Stage Part 1

If a borrower doesn’t make the payments on the mortgage, then the lender’s ultimate recourse is to take back the property. This can be a long or short legal process, depending on your state. In states that use a trust deed, the process typically takes a little less than four months from the time the lender files the first “notice of default.” [Read more…]

The Foreclosure Opportunity

The foreclosure process offers different opportunities at different times in the process . . . and different risks as well. In order to understand when you can buy and what the stakes are, it’s important to understand the process. [Read more…]