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Lloyd Segal California Foreclosure Institute: Well, it depends. What do you enjoy doing the most? If you enjoy foreclosure investing and feel you can replace your full-time income by handling three or four more foreclosures deals each year, why wouldn't you? If you feel you could put more money in your pocket by handling five or six more foreclosures (and again, you enjoy the work), so much the better. So if you enjoy foreclosure investing and you can earn more, why not? Lloyd Segal: You may notice that a couple of these options could result in you not buying the house. But that’s okay, because in order to act with integrity, you must accept the fact that you may not always get the deal. Sometimes just helping people should be your priority. So always do the right thing. Ideally, you want to create win-win situations; situations in which the homeowner rids themselves of an unwanted house and you buy a property below market. But if that’s not possible, help the homeowner anyway. The mortgage holder can usually initiate foreclosure at a time specified in the mortgage documents, typically some period of time after a default condition occurs. Within the United States, Canada and many other countries, several types of foreclosure exist. In the U.S., two of them – namely, by judicial sale and by power of sale – are widely used, but other modes of foreclosure are also possible in a few states. California Foreclosure Institute Aside from bringing payments current or selling the property, the only other way the homeowner can stop the foreclosure is by declaring bankruptcy. As soon as the homeowners files, the Court issues an “Automatic Stay,” which basically freezes everything, including the foreclosure. Creditors (including the foreclosing lender) then file motions in court to have the stay lifted (released). If the court lifts the stay, then the foreclosing lender can proceed with the foreclosure. So ultimately, nothing has been gained. Bankruptcy used to be good idea for homeowners because this process took one to two years. It was though the home was lost in purgatory. But with the new bankruptcy laws and the fast track process, the automatic stay lasts no more than one to two months. So bankruptcy is no longer the panacea for homeowners it used to be. The number of foreclosures on the market (especially those with steep discounts) is directly proportional to the area's progress toward real estate market recovery. For example, Southern California experienced an 18% increase in home sales in October; therefore, it may be harder to find steeply discounted foreclosures in this area. Lloyd Segal: But don’t get me wrong, it is not easy. If it were easy everyone would do it! Investing takes work. But if you’re willing to do the work, I’ll give you the knowledge. And if you use the techniques in this book, you’ll become a successful foreclosure investor. So read on with the confidence that you’ll be learning investment secrets that most real estate veterans never share, and most novice investors never learn. As the saying goes, knowledge is power. The knowledge you will gain by reading this book will empower you to invest with confidence. More information: California Foreclosure Institute, Lloyd Segal.
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