Foreclosure Rates: For a variety of reasons, foreclosures are at their highest rates in over 50 years and, like all things real estate, the level of foreclosure activity varies greatly depending upon location
Preforeclosure: If you are behind on payments for 30 days, your loan is in default. After 90 days, a "90 day Notice of Default” (N.O.D.) is documented in public records at your local courthouse.
Credit Consequences: A foreclosure on your credit report will impact your ability to borrow money for 7 to 10 years and is worse than filing for bankruptcy. It can also negatively affect insurance premiums, employment eligibility, and deposits on utilities.
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Short Sale: While an unfortunate experience for a property owner, a short sale is when a property is sold for less than the amount owed on it. For investors, a short sale may be an excellent buying opportunity.
Foreclosure Listings: The increase in foreclosures will cause more downward pressure on real estate prices and result in greater buying opportunities. Whether you're a first time home buyer, an investor or purchasing your retirement home, a distressed property may offer you an excellent opportunity. Find foreclosed properties that meet your price and neighborhood specifications.
Foreclosure Auctions: When a home owner has defaulted on their mortgage, the lending institution has the right to recover that property. The final step is an auction where the lender sells its right, title, and interest in the property to the highest bidder. Understand the process of auctioning for foreclosed properties to ensure you are successful.