Foreclosure Guides – All You Need to Know about Foreclosures
The foreclosure guides below are intended to provide a thorough introduction to foreclosure and the opportunities it offers.
Foreclosure 101: In this guide we provide an overview of what foreclosure is, what causes foreclosure, the impact of foreclosure on owners and renters, and an introduction to the opportunities foreclosure presents to real estate professionals.
Listing & Selling: - Many foreclosures will require the transfer of the property from one owner to another, whether before or after the conclusion of the foreclosure process. Within this there are a variety of opportunities for real estate professionals to help sellers and buyers through the transition.
Investing: - Foreclosure offers a variety of investing opportunities with strategies suitable for all types of investors, from those starting with little money or credit, to mutli-billion dollar hedge funds and everyone in between. In this guide we cover the most common strategies and provide some general real estate investing advice as well.
Glossary: Our Glossary is intended to be a comprehensive resource of terms related to real estate and foreclosure. It also defines the abbreviations and terms used by ForeclosureRadar.com.
All of the guides allow you to add comments. We encourage you to make contributions, or suggestions to any of the pages. Comments that don't add value to the topic at hand will be deleted.
Comments
How is the best way to check title in a trustee sale for tax liens if this is possible at all? And it is true that if the trustee sale is for the first mortgage that all other mortgages ie 2nd 3rd coming after it are satisfied?
As I understand it - If you have an inside title guy they can get you the info you need. However, it is not etched in stone like paying for a full title search. This is the benefits of knowing the right people to have on your team.
Hi David O'Brien did you find out more information about researcing the title? I'm trying to get this info too...
Hi Irene,
If you are a subscriber to ForeclosureRadar we do provide a transaction history which includes Grant Deeds, Deeds of Trust and foreclosure notices. When available we also provide the link to the county Grantor/Grantee index so that you can search for reconveyances, subordinations and IRS liens. We also provide the link to the County Assessor where you can check for past due property taxes.
You will find other valuable resources within the transaction history. You have the ability to purchase document images and customize the transaction history to show the results of your research. Additionally we provide a check list so that you can keep track of your research.
We have a great recorded webinar on title research. To view the recorded versions of our webinars please click on "Webinars" under the Support and Training tab on our home page. You will then scroll to the bottom of the page to see the previously recorded webinars that we have on file. You can also register for our free webinars and view the recorded version by clicking on the following link: https://www.foreclosureradar.com/webinars.
We also have a great video on what happens at a trustee sale.
http://www.foreclosuretruth.com/blog/sean/video-foreclosure-auction-guide/
Hi,
I'm wondering as a Seller can I allow an investor to buy my property through AITD or Deed In Lue. First. Is there a process with legal docs that cover all the concerns ie: due on sale, escrow account or auto payment to help confirmation for the Seller to confirm payments have been made. Is this a growing trend? What are the pit falls for Seller's?
Please email comments to: lagunabeachsteve@gmail.com as i have not become a member of FR...I'm considering joining. Thanks
This is very helpful. Thanks!
Too bad that the number of foreclosure sales continues to dominate a big proportion of the market. :(
dory
omaha hvac
I recently sold a house to someone using owner financing. The buyer is now in default and has abandoned the property. I have posted a notice of default on the property. I have a Deed to Secure Debt and live in Georgia (non-judicial foreclosure state). My question is: How do I finally and absolutely re-gain title to the property? Is there a form or deed that I will record?
I Buy Houses for Investors in 5 Counties in Northern Ca.We Do all the reserch on the houses you want to buy.One Flat Fee.Call Me I CAN Help 209 848-4773 E- mail jimmarshall24@hotmail.com
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Hi my questions is this : In a trustee sale whis is the price they based to start bid on..is it
the current value ? or the amount of owed on first...? or how is it based or set ?...
Hi Noemi,
The published bid that appears on the Notice of Trustee Sale is the amount owed on the foreclosing loan. The foreclosing lender gets to make the first bid which is called the opening bid. They can set the opening bid as high as the published bid plus additional interest and fees that have accrued or they can elect to substantially discount the opening bid. There is no way to know where the lender will set the opening bid. Sometimes it can be an amount close to the current value and other times it can be even lower. I was talking to an investor yesterday and we pulled up a Foreclosure Comp report in ForeclosureRadar. In his area the average opening bid was 30% below the published bid amount. This will very by lender and usually also varies by location as well.
It is not possible to predict every time what a single lender will do. When you consider the fact that a lender like Bank of America services loans for over 500 different investors and some of those loans may have mortgage insurance there could be any number of people/entities behind the scenes that are involved in setting the opening bid.
hi, i just wanna ask how much is the flat rate of someone who could buy for me a foreclosure houses?tnx
HI Adrienne,
I am not sure there is a flat rate agreement but you never know. It would probably depend on the scope of the services and if you intent to participate in any way. Do you have the cash and wish to purchase at trustee sale or are you just looking for any good investments? You may want to reach out to a Realtor in your area that can guide you.
7022 Shay Ct, Highland, CA 92346 is still showing TS Sept 7. Wells Fargo, the Trustor, and Nationwide Posting say it has been CANCELLED. Please REMOVE POSTING. Thank you.
Hi Diana,
We have verified with the Trustee that the sale has been officially canceled and we have made that change on our site.
Hi
These are very comprehensive classes on Foreclosures. I will read them later.
Andrew
http://mossnylaw.com
Hi, this is very nice guide, can I use it on my blog?
property manager
Hi Kelly,
You are welcome to use information from our site provided that you reference the fact that it came from ForeclosureRadar.
We purchased a house 12-30-2005 in Beaumont Ca, we ended up in a classaction lawsuit for construction defects. We paid $461k for our house, today it's only worth about $190/$210. if we are lucky. We put $180k down which makes us sick. The defects to our house come to $133k, we have MOLD! our 2 floors aren't tied together, and we have a large crack that won't stop until it goes completely around the house where the 2 floors come together. We have moisture in our garage so bad that you can see and feel water on the entire garage floor. We have linoleum in our kitchen and you can see where the stamp on the back side is that shows the name of the linoleum. We have dual pane windows that are dirty and will never come clean because the dirt is ion between the panes. WE can open and close some of our windows and some I really have a hard time trying to. That's just to name a few of the problems. We received $6900.00 from the lawsuit to fix the house. We could barely fix just one issue with that amount of money. My question is do we have any rights that will help us move on from the NIGHTMARE! we have dealt with for the past 6 years? I absolutely hate this house and want to move so bad, which we will be soon hopefully.Today we received our trustee sale notice, and at this point don't even care what it does to our credit. A realtor told me that she had a client that went to the courts and asked for the complete loan be wiped from his credit record as if he never bought it due to contruction defects, have you ever heard of that? and what do you recommend we do at this point? HELP!
Hi Sandra,
Unless the builder also made the loan I do not know why a lender would be required to remove this account from your credit record. You signed for a loan secured by the property. You are no longer paying on that loan so the lender is foreclosing on the property. You have received a sum of money to do the repairs but have elected to walk away from your commitment to pay the lender. I am not sure why the lender would be forced to expunge your credit history? Now, if the builder also acted at the lender then I could see how you could make a case to have this removed from your credit history. That said, anything is possible. If you hire the right attorney they may be able to help you. Maybe the agent that told you this story would have a referral.
Hi Michelle! "Your Foreclosure Guides' is a big help. Everybody with property should be knowledgeable about foreclosures. You'll never know...your house or property might be up for foreclosure some day. I hope not.
I NEED EXACT ADDRES AND NUMBER OF HOUSE
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