Making Arrangements For An Investor To Purchase Your Foreclosure Home

 Would Make It Possible For You To Continue Living There

By B. Jordan

There are for sure some people who have lost their homes because of foreclosure and they have chosen to have an investor purchase their home so that they could possibly have the opportunity to continue living in their home, for a monthly payment to the investor. Many investors choose to do this because for one thing, it allows them to have yet another piece of property that they can definitely benefit from, as well as knowing right from the start that they already have someone who is interested in living there in the foreclosure home. People who get the chance to do this are really very lucky because when they lost their home due to foreclosure, they might have never thought it to be possible for them to go on living in the same home that they lost because of getting the opportunity to sell their home to a wise investor. Investors know all about this type of thing and could even provide you with helpful information that you are seeking.

Anything that you can do to prevent having to leave your home, even if it is confiscated due to foreclosure, will be very beneficial to you because of getting to enjoy being there, as you had originally planned on doing anyway. There are also other options that could make it possible for you to convince the mortgage company not to foreclose on your home. This article is for all of you out there who own a home and have concerns over whether or not you are going to be able to fit the bill and are worried about the threat of foreclosure down the road. Just knowing that you do have some available options, rather than just throwing your hands up in the air and allowing it to happen, is really a comforting and very positive feeling. Knowing that by being proactive you will more than likely have the ability to discuss your finances with the mortgage company and in return get to keep your beautiful home and protect it from the threat of foreclosure.

Something else that you should definitely know more about is the fact that you could also take out a loan, which would make it possible for you to get your monthly mortgage payments caught up and current, preventing the mortgage company from harassing you any longer, wanting to know why in the world you are not continuing to make your monthly mortgage payments as you had promised to them. Before you do choose to take out any type of loan though, please make sure that you thoroughly research it first so that you do not end up in much worse shape financially, than you were before. A foreclosure threat is something that you should definitely take very serious but there is really no need to go into full panic. Hopefully by learning more about your options, if you are ever in that position, you will know exactly what all needs to be done.

Important Information Regarding The Purchase Of A Foreclosure Home

By B. Jordan

There is a great deal of information that you should first gather before choosing to purchase a foreclosure home because sometimes you might end up not getting that great of a bargain. If you play your cards right it is very possible for you to make some really great savings by purchasing a foreclosure home. You have to spend a great deal of time doing some research so that you will have the opportunity to see what all foreclosure homes there are to choose from. Make sure that you speak with a few sales trustees and get all of the important information from them about the home, as you possibly can. They are the ones that you can truly count on to ensure that you are going to get the greatest savings that you have been anticipating and expecting. Ask them all of the important questions that you could think of, do not hesitate or hold back because they are there to help you but you will need to study over things first so that you will know what to ask of them.

Sometimes there could be serious problems throughout the home that they do not list and if you are not informed of it you will not know and could end up purchasing a foreclosure home that you are just totally unhappy with. Choosing the most appropriate way to purchase a home such as this will make all of the difference in the world, as far as making a good decision goes. This is really just as important for you to accomplish as it is for you to find that perfect foreclosure home and property that will offer you some fantastic discounts. This sort of thing is not going to just happen overnight for you, it is going to require you to make tons of phone calls, have plenty of patience to sit through meeting after meeting and a great deal of bargaining as well.

Make sure that you do perform a title search to find out which foreclosure homes in your area have any other types of liens against them that might not have been mentioned. These are very important things for you to first find out. If you can not perform this title search by yourself or if you would just feel more comfortable letting a professional do this for you, then just find yourself a title agency. If you have any difficulty finding yourself a title agency just get on the internet to locate a different title agency that can provide you with all of the information that you are looking for. Do not just solely rely on someone else to gather all of the information about a foreclosure home for you, make sure that you get up off that couch and find out some things for yourself and many times things tend to work out a little better doing it that way. Good luck and I wish you lots of bargains.

Buying property abroad

By Beatrice Jordan

It is said that no two countries in the world have the same legal systems, nor are the systems and policies that rule the acquisition of property the same. Unfortunately, people who are buying property abroad often assume otherwise, making them susceptible of getting into a mad run with the legal intricacies of a foreign property market.

But thanks to the European Union you can now take some comfort in the knowledge that the foreigner buying property abroad are now subjected to the same rules and regulations as the locals or any othe EU citizens for the matter.

But don’t be so relaxed because even though the EU have already systematized the property buying procedures there are still some amendments done locally so this mean no single EU country has the sa,e buying procedures. Individual countries have their own property laws.

One good example of this is Spain, in this country outstanding debts attached to a property becomes the responsibility of the buyer or the new owner. And if you purchase a farmhouse or a villa with agricultural land in Italy, your farming neighbors could have the right of pre-emption. This mean they could buy back the land for less than its usual purchase price.

“This is a complicated area of tax and law” warns international estate agent Knight Frank. So it would be much better to get someone who is really good at these things to be able to make your “buying property aboard” excursion a satisfying one.

Another complication is not only countries but different regions too have their own specific property regulations. For instance, the National Spanish Law on development was revamped and passed by the Valencian Legislature in 1994 which gave local developers in certain specific circumstances the right to demand payments for infrastructure improvements or to obtain repossession orders.

Outside of the EU - from Eastern Europe to Down Under and the United States to South Africa - the legal aspects of buying property are equally variable.

In Croatia for instance, for the time being and pending the anticipated entry into the EU as early as 2006, permission to buy a property must be granted by the Ministry of Foreign Affairs before a purchase contract can be finalized. This can take anywhere from three to 12 months which is a very long time already.

In Turkey, foreigners are not allowed to buy property in villages, rural areas or in the vicinity of military land.

In New Zealand there are limits on where and how much land non-citizens can purchase, while in Australia, outsiders are restricted to buying new-build properties.

The United States presents its own set of purchase proclivities, for instance, although Britons can feely buy a US holiday home, there are restrictions on how long they can remain in the country each year, for example, 90 days unless an application is made for a B2 visa.

And in Florida you will confront restrictions in certain areas that limit the number of days per year that you can rent out your property.

While South Africa does not restrict foreign property ownership, ‘non-residents’ whose nominal place of residence, domicile or registration is outside the common monetary area of South Africa have to declare any money they bring to the country to the South African Reserve Bank.

The exigencies of buying property around the globe are hugely variable. But wherever the location, you should take great care over fundamental legalities - ranging from local taxes, registration fees, and stamp duty to zoning laws, death duties and tax treaties.

Take double taxation treaties. These international agreements limit the tax liability for a citizen of one country who is resident in another - and thus prevents the same income being taxed in two states. Out of more than 1,300 tax treaties worldwide, the UK has the largest network, covering over 100 countries.

Furthermore, do not ignore local property terms. Escrow, ‘tapu’, ‘il rogito’, or settlement may be unfamiliar, but if you are buying property in the US, Turkey, Italy or Australia respectively, these terms are integral to procedure.

And do not assume that a particular housing term in one country will have the same meaning in another 'Project homes' in Australia refer to ‘off-the-peg’ architectural designs while in the US a project home refers to government funded, and sometimes called ghetto housing.

Foreclosure Scam Part 1

By Beatrice Jordan

Are you ready to figure out what your options are? The first thing that you
need to understand is that not all opportunities out there are legitimate,
and yes, there are unfortunately a lot of people out there who want to
take advantage of you in your dire financial situation, so let us address
foreclosure scams first before we begin to touch on the options available
to you for avoiding foreclosure, surviving foreclosure and getting back on
your feet after a foreclosure occurs.

There are predators out there who look at homeowners in poor financial
situations as easy prey, devising a number of scams and fraud attempts
to take advantage of people who are already on a heck of a financial
rollercoaster. It is important that you protect yourself by staying current
on the foreclosure fraud and scams that are circulating, so that you do not
get taken by one of these fraudsters. Here are some of the more
prevalent scams that people are trying to pull over on homeowners and
families buying homes or facing foreclosure.

- Sales Leaseback - People often tout this as an easy deal, requiring that
the homeowner hand his or her deed over to an "investor" for little or no
money, on the basis that the homeowner can continue to live in the home,
leasing it back with the option of repurchasing within a year. This may
sound like an excellent concept, but there is a serious catch involved.
Even if you sign the deed over to someone else, you are still legally
responsible for the mortgage, meaning that you would be paying both the
original mortgage and the lease amount to the investor. Paying twice what
you were already having difficulty paying will be close to impossible and
one missed or late payment will have you evicted from the home, and the
home sold out from under you.

- Predatory Lending - Unfortunately, there are a large number of
lenders out there who offer loans with the specific intention of taking
advantage of borrowers who cannot afford to make the payments. If there
is any equity in the home at all, these lenders will attempt to take it all in
the form of incredible fees, exorbitant interest rates, and nightmare
prepayment penalties. While new laws are being passed that prohibit
many of these predatory practices from occurring, it is still quite easy for
lenders to take advantage of homeowners in bad financial situations.

The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.

After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default at the County Recorder's Office. This puts the borrower on notice that he is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.

If the default isn't corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder's Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.

The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property.

Foreclosure Auction
At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.

If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender.

When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a Bank REO, you will typically receive the property with a clean title.


For more insightful information into the foreclosure process read our new ebook at
www.howtomakeakillinginrealestate.com

Buying a House for Cash

Chapter 2: Buying a House for Cash

The adage reads, “Buy low and sell high” and nothing could be truer in the 2010 real estate market. With single family homes selling below $20,000 the opportunities to make money are endless. The key is finding the right property in the right area and managing it properly. You learn more from your mistakes than you do from your successes, so it is important not to make the same mistake twice.

The key to buying an investment lies in cash. Cash is king and 30-year and 15-year mortgages are not king they are debt and the only instant profit you can earn from them is reducing your debt unless of course you sell the property for higher than the outstanding mortgage balance.

To top that off, getting into debt and paying interest goes against many religious precepts. The three main religions in the United States, Christianity, Islam, and Judaism all speak against charging usury (interest) in their religious books.

In the Bible it states in Leviticus 25:35-37: "If one of your brethren becomes poor, and falls into poverty among you, then you shall help him, like a stranger or a sojourner, that he may live with you. Take no usury or interest from him; but fear your God, that your brother may live with you. You shall not lend him your money for usury, nor lend him your food for profit."

In the Qur’an it states in Chapter 2 verse 275 - 279 (Baqarah), “Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah. But whoever returns to [dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein...”

The Talmud references Ezekiel 13 (Hebrew.): "He has lent on usury; he has taken interest; he shall surely not live, having done all these abominations."


With the admonition from the religious sector along with what reality shows us, buying houses with interest and paying a bank interest is like building a house with sticks and no foundation, when a big storm comes the whole thing falls apart.

While there are riches made every day by people who buy real estate with no money down and a totally financed mortgage by the bank, there is a lot of risk inherent in this practice. All we have to do is look at the crisis now with the banks closing down, foreclosure rising, homelessness, and unemployment and we can see the result of usury based economics. According to the Federal Deposit Insurance Corporation (FDIC), twenty-three banks failed in July 2010 in the United States.

Debt and plentiful credit has powered the United States economy for decades. But since the financial crisis of 2008, America has gone on a drastic debt diet. Families are paying down credit-card debt and attempting to build up cash reserves. Large and small businesses are learning to operate in an environment where cash once again is king.

The economic shift has been dramatic; bank lending has dropped at a frightening rate. In 2009 the banking system showed the largest decline in loans in the history of the FDIC. At the same time, the amount of commercial and industrial loans outstanding has fallen 19 percent since the fall of 2008—back to the level of late 2006. Even the financial sector, which shoveled debt into the economy like there was no tomorrow have seriously cut back on debt.

During the last two decades people spent and invested based on expectations of what they could borrow. But now things have changed and cash is making a come back. What better time and opportunity then to throw money to the winds and invest in a house with cash and avoid the mortgage trap.

I know it’s hard and you want your interest deduction write off on your taxes and like the regularity of making that monthly mortgage payment. But what about the freedom to lose your job and not have to worry about losing your house in the next month because you fear you will fall behind in your mortgage. There is something to be said for financial security after all. I know I enjoy it with six children between the ages of 2 and 13 and a husband who likes to travel to Europe three or four times a year.

You may wonder, how can I buy a house for cash. Well if you live in Fairfax, Virginia, or any of the other big money enclaves then it will be hard to buy a house for cash in that area, but there are other areas in Virginia where this is possible.

There are numerous areas around the country where you can find single family homes listed at prices under $20,000 with some going as low as $1000. Some of the distressed areas of the United States where you can get real bargains include Detroit, Michigan, Indianapolis, Indiana, Baltimore, Maryland, Memphis, Tennessee, Miami, Florida, Orlando, Florida, Atlanta, Georgia, and Cleveland Ohio.



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