California Foreclosure Institute California Foreclosure Institute: In "Foreclosure Investing," readers will be learning investment secrets that most real estate veterans never share, and most novice investors never learn. Complete with a summary of foreclosure laws in all 50 states, as well as a Glossary of terms, sample worksheets, necessary forms, and step-by-step instructions to help investors get started. Lloyd Segal: 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, it is a cloud on title and the lender cannot be sure that (s)he can successfully repossess the property. Can the seller can legally deed the property to you? What if the seller is already in bankruptcy? The deed is likely not valid unless it has gone through the bankruptcy court. You have to call the local bankruptcy court to check for a possible filing. And, of course, the seller could have filed bankruptcy in another bankruptcy court that you did not call. Lloyd Segal For example, there are three main opportunities for purchasing foreclosure properties; 1) from homeowners before or during the foreclosure process, 2) at the foreclosure auction, and 3) from the lender after they’ve taken ownership of the house (“REO”). In this book, I share techniques for taking advantage of these opportunities. I also share plenty of useful information on how to find good deals, how to conduct due diligence, and how to create an exit strategy to assure yourself a profit. The next riskiest foreclosure purchase is the pre-foreclosure. If an owner of a pre- foreclosure disappears, you risk not getting anything from him after the sale. A pre- foreclosure seller might be desperate and lie to you about the condition of the property and the neighborhood. Lloyd Segal: If that doesn't work, alternatives may include refinancing, bankruptcy, a lawsuit to stop foreclosure, or taking advantage of the special protection surrounding home loans for military personnel on active duty. About 20 poor-quality, generic photos serve no obvious purpose in this book, which shows other signs of padding. For example, the last 66 pages, devoted to a summary of every state's foreclosure laws, for some reason include maps of each state. More information: California Foreclosure Institute, Lloyd Segal.
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