My first mortgage is in foreclosure and it is unlucky at this point that we will be able to stop it. The thing is, how do we tell the second mortgage holder? We plan to keep paying them as long as possible but we’re left paying a loan for property we no long er possess and we may not be able to keep it up until the loan is payed off.
IF your home sells at auction for more than your first lien, any remaining amounts will be paid to other lien holders in their order of recording priority.
The 2nd loan company may file a suit for a deficiency judgment that could result in ganishment of your wages and other liens.
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Save your house, your credit and defend your rights. Defeat Foreclosure is a must read in the current mortgage melt-down. Written in easy to understand language it applies to homeowners in every state. Learn the foreclosure process and you will discover the hidden secrets to loan mitigation, loan modification, short sale, what to do in an “Up-Side-Down” mortgage. Written by Realtor William Dori…
When I used to deal with my Orange County real estate and Las Vegas real estate clients, all my real estate investors always wanted me to hunt high and low for that magical “motivated seller”. And this was in the thick of the hot markets up to later 2005 when sellers just laughed in your face at any concessions. You couldn’t have a more unmotivated bunch as the sellers routinely asked, and got, waivers of contingencies for home inspections, waivers for termite inspections, waivers of loan qualifying and funding.
Today the shoe is on the other foot as most (but surprisingly not all) sellers are motivated, and buyers are asking for the world. The most motivated seller of all is a homeowner facing foreclosure.
Whether the seller is the innocent victim of easy credit, being out and out lied to by overzealous lenders and/or Realtors, or just got greedy with the whirlwind of speculation and bit off more than they could chew, the result is the same, they are motivated.
So foreclosure investing can potentially be one sweet deal after another (if the deal makes sense from a numbers perspective), as all of these owners have to sell to get out from under their troubles. They are truly motivated which is exactly what any real estate investor wants!
A homeowner facing foreclosure might initially seem slower than molasses to act. You might wonder “what’s up, I thought they had to sell?” Don’t be fooled, ultimately they are among the most motivated sellers you will ever encounter in real estate dealings.
Why? Unless they can refinance the property somehow (and usually this option, if available to them, would already have been explored), they have to sell the property somehow, or they will lose it to foreclosure. Can you say “motivated seller?”
Copyright 2008 SunLover Publishing LLC
About the Author:
Melanie Jordan is a former California and Nevada Realtor®, a former loan officer, and present-day Author, Marketing and Infopreneur Coach and Sales Trainer. She is co-author of a complete home study training program for foreclosure investors called “Winning At The Foreclosure Game: Making Your Fortune With Empathy And Ethics” with Dan Chaco, an Orange County, CA foreclosure expert, investor and educator.
Free foreclosure investing resources available at her site http://www.YouCanMakeMoneyInForeclosures.com include her “Make Money In Foreclosures Blog”, “The Best Way To Make Money In Foreclosures” Special Report and “Making Your Fortune In Foreclosures” e-book. More information on her Infopreneur, Marketing and Sales Training Services may be found at http://www.SunLoverPublishing.com
This digital document is an article from Florida Bar News, published by Florida Bar on July 15, 2008. The length of the article is 436 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Hotline to assist Floridians facing foreclosure….
In these trying times, we are facing an economic meltdown. Jobs are becoming scarce, savings accounts are being drained and 401(k)s are being cashed in, all to help save our most precious investment: our home. Many of us purchased investment properties. Theres a lot of hype about Social Security not being around when we retire and companies stealing pension funds. Banks gave us money to secure…
Homeownerâs Guide to Avoiding Foreclosure book presents strategies and solutions for the homeowner facing an array of real estate dilemmas, including pre-foreclosure, foreclosure, upside down mortgages, subprime loans, and selling in a slow market.This solution-oriented guidebook covers:- How to keep your house and avoid foreclosure- What NOT to do when you are behind on your payments- How to…
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Hello,Robert Here; Thank you for checking out my website! I have created this site to give you help stop foreclosure information. If you are like I was this can be a stressful situation. My best advise to you is do not ignore the problem like I did.
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