The bank and courts are overloaded with abandoned properties,
foreclosed mortgages, seized houses, forfeited apartment buildings
and raw land that can be obtained very cheaply by bidders who are
ready to take over the forfeited properties either for their own use
or for resale to the general public.
Real Estate has produced more millionaires than any other
industry. Investing in foreclosure has proven to be a true wealth
builder.
The key to making money in real estate is finding motivated
sellers. Financial trouble is often the single biggest
motivator. From finding properties in foreclosure, to
negotiating with sellers in financial distress, to reselling the
properties to realize healthy profits, Making Big Money
Investing in Foreclosures without Cash or Credit is a
comprehensive money-making guide.
Profitable real-estate investing opportunities exist everywhere
as long as you know what to look for and understand how to make
prudent deals that transform property into profits. David Crook,
of The Wall Street Journal, shows how to make safe and sane
investments that ensure a good night’s sleep as your real-estate
portfolio grows, your properties appreciate and your income
increases. The Wall Street Journal Complete Real-Estate
Investing Guidebook offers the most authoritative information
on:
Foreclosure
is the legal and professional proceeding in which a mortgagee, or other
lien holder, usually a lender, obtains a court ordered termination of a
mortgagor's equitable right of redemption. Usually a lender obtains a
security interest from a borrower who mortgages or pledges an asset like
a house to secure the loan. If the borrower defaults and the lender
tries to repossess the property, courts of equity can grant the borrower
the equitable right of redemption if the borrower repays the debt. While
this equitable right exists, the lender cannot be sure that it can
successfully repossess the property, thus the lender seeks to foreclose
the equitable right of redemption. Other lien holders can also foreclose
the owner's right of redemption for other debts, such as for overdue
taxes, unpaid contractors' bills or overdue homeowners' association dues
or assessments.
The foreclosure process as applied to residential mortgage loans is a
bank or other secured creditor selling or repossessing a parcel of real
property (immovable property) after the owner has failed to comply with
an agreement between the lender and borrower called a "mortgage" or
"deed of trust". Commonly, the violation of the mortgage is a default in
payment of a promissory note, secured by a lien on the property. When
the process is complete, the lender can sell the property and keep the
proceeds to pay off its mortgage and any legal costs, and it is
typically said that "the lender has foreclosed its mortgage or lien". If
the promissory note was made with a recourse clause then if the sale
does not bring enough to pay the existing balance of principal and fees
the mortgagee can file a claim for a deficiency judgment.
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