Pre-Foreclosure

A Pre forecloseure is a deal between the homeowner, seller, and in sometimes, the lender. This can be a very successful way for both parties to make a quick transaction. We first start by seeking for loans that are in default. With this option, we will be able to inspect the home and determine what the seller's needs are. Also with a pre foreclosure, we will need to find out the actual value of the home, what it will cost for repairs, and how much profit we could make on the resale. To stay ahead of the game, we will need to make any repairs as quick as possible and turn a quick sale after we purchase the home. In the event of a short sale, the sale of the property and/or house, will occur when the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the

STRATEGIC DEFAULTS CONTINUE AS HOMEOWNERS FIND NO ALTERNATIVES

I decided to revisit this topic because is a topic right now that homeowners whom are not being helped or assisted by their mortgage loan lender tend to believe walking away from their home and pocketing instead the mortgage payment is the more sound alternative. I am a Real Estate Investor and specialize in Short Sales and offer free education of Forensic Mortgage Loan Audits.  Like many of us investors, I take it upon myself to constantly educate myself and update our staff in the company so we can find this homeowners in distress and educate them.  Show them the consequences...

posted @ Tuesday, June 08, 2010 4:56 AM | Feedback (0)

Strategic Default Interview With 60 Minutes & Homeowners

Strategic Defaults:  The Financial Decison To Walk Away Investors, this movement is the latest mainstream now for the ethical and educated investor. We must continue being ready to not only answer questions and help distress homeowners of underwater and/or upside down properties, whom from the video below seem to be at a loss of hope in keeping their dream home or avoid foreclosure, but make a better job at reaching out to this homeowners whom are making the financial decision to walk away ( strategic default ) before they start thinking walking away from their home is the better option. Watch...

posted @ Wednesday, May 12, 2010 4:16 AM | Feedback (0)

HAFA RESOURCE PAGE

More On HAFA & How We May Help Homeowners For all purposes, all information written in this post, is only for educational purposes for the homeowner of distressed property trying to decide its best alternative course of action, and should not be construed by any means a legal or tax advise.  For professional advise, please seek the advise of your local counsel/attornery or tax consultant.  Use this information, links, downloads on this post page to educate yourself and your potential thoughts of a short sale if elegible as applicable by HAFA's Short Sale program. My name is Freddie Colon and I am a Real...

posted @ Sunday, April 11, 2010 8:50 AM | Feedback (0)

More Breaking News About Mortgage Balance Forgiveness Program & H.A.M.P.

Last Friday, March 26, 2010, FHA Commissioner Dave Stevens was interviewed by one of my favorite Real Estate News Reporter Diana Oliver from CNBC Realty Trac. * Program NOT available to all homeowners in all markets.... * The Bank Investor will still have to agree to participate.... * Clearly, the powers that be are now finally recognizing the surge in strategic defaults.... * Qualifications: Write down 1st lien principal to 97.75% of home value. You read that correctly, ’some’ homeowners will have their negative equity wiped out to the point where they have some equity.... * 1st and 2nd” 115% LTV (loan to value).... * 14B in TARP funding...

posted @ Monday, March 29, 2010 2:50 PM | Feedback (0)

Full Pre-Foreclosure Archive