If you find it difficult to afford to pay your monthly payments accordingly then you will undoubtedly have to deal with foreclosures, whether it is a residence or possibly a company. Commercial property foreclosure along with home property foreclosures are really very much the same, the only differentiation is that often industrial mortgage foreclosures amount to substantially more money, but the approach is comparable.Typically the commercial...more
What is a short sale? Let's start off with some questions and answers below.1) What is a short sale?A short sale is a situation where a distressed seller must sell their house for less money than the mortgage balance. A short sale is suitable for mortgage holders whose financial situations command that they liquidate their interest in the property and who are not able to qualify for other other modification options. Simply put a short sale is when the value of the property has dropped below the current mortgage balance owed.2) Will my bank allow a short sale?Banks want to avoid foreclosure too. A foreclosure cost the bank lots of money and data has shown that when a bank receives a property through foreclosure it is in worse shape compared to other options because of unhappy owners who leave the property a mess or in damaged conditions. A short sale helps the bank preserve losses and helps the mortgage holder preserve their credit and financial situation. If you are in a hardship situation your bank would much rather do a short sale than foreclose on your property.3) I have an FHA loan. Will my bank do a short sale?Absolutely a bank will do a short sale on an FHA loan. In fact FHA...more
Promissory notes: It is also called a note payable in accounting in which one party makes an unconditional promise especially by written that he would pay a sum of money to the other under specific terms.Some of the Key Terms in Foreclosure By: karen About the Author Karen Anne, has been working on USRepos.com studying the...more
Foreclosure fillings drop in U.S. by 2%In April foreclosure filings dropped by 2% as compared to a year ago. This is first annual decrease in foreclosure filings in U.S. in last five years. The report on reduction in foreclosure filings was released by RealtyTrac and the report signaled that foreclosure rate has begun to plateau.Foreclosure filings...more
As home owners I'd say that we hold a certain amount of responsibility to ourselves and our personal business. If you're a home owner that is headed into foreclosure or already in foreclosure, HIRE AN ATTORNEY. Attorneys do what we don't or want to do. They deal with this foreclosure business each and everyday. Well at least Monday through Friday. They know what to look for when we don't. They know what T's should be crossed and what I's need to be dotted. Now keep in mind. I'm not saying turn your life over to an attorney and close your eyes. I'm saying share the required information, ask questions and learn from the process and you move through the process. Remember, you must protect yourself, family and assets. For more information on real estate visit http://www.secretpropertyreport.comAm I really in foreclosure? By: Kamau Telson About the Author Kamau is a licensed real estate broker in the state of Illinois and has been in the real estate business for 20 years. He has been a REO broker for the past 10 years. His experience includes residential & commercial sales, property management and rehab and new construction. He's also been a website...more
When you are looking for foreclosure listings, you can look towards REO properties as one of your options. REO means real estate owned properties. This is when the property is sold at auction but does not bring in enough money for the bank to make...more
There is a difference between buying foreclosures and getting foreclosure leads. In some cases, there may be homes that are in danger of default that the agent will know about. These are usually sold through the short sale process in which the...more
If you are looking for the best foreclosure leads to get a good deal on property, you should take a look at REO foreclosures. REO foreclosures are those that are real estate owned by the bank that originally had the mortgage to the property. The...more
If you have tried to purchase a house in California, you have encountered an instrument known as a deed of trust. This deed involves three parties; the borrower, the money lender, and the neutral third person who gets foreclosure rights if ever they...more
Many homeowners throughout the U.S. are seeing the value of their homes plummet. Few places have managed to escape this drop. Some people have been able to continue to make their payments and remain in their homes. However, not everybody has been so...more
Commercial foreclosures for sale will mostly be in the form of office complexes, restaurants, shopping centers or service stations, but they are not limited to these types of structures. What is considered a commercial property is usually a cross...more