Author Archive
How to Legally Make Money Selling Properties That You Don’t Own
The question most heard lately is “Where have all the buyers gone?” The answer is there are fewer of them for a number of reasons. Because of the sub-prime lending crisis about 25% to 35% of this segment of the mortgage market can no longer get loans. Real estate investors have slowed […]
How Much Does Foreclosure Affect Your Credit Score?
How does a foreclosure affect your credit report is an interesting question. Yet this is the most frequently asked question we get. The method of calculating a credit score (FICO Score) is proprietary information. What complicates the issue even further is that all credit information is calculated into the individual’s […]
Are Banks Mistreating People in Foreclosure?
If you are in foreclosure and have spoken to your bank, you may feel you are being mistreated. This mistreatment comes in the form of not returning calls, short answers on the phone, and advice that may not be in your best interest. The problem is that the bank feels you are in […]
Resolving Common Issues in a Foreclosure
The most common issues a homeowner faces in a foreclosure are his getting too much confusing and conflicting information, and his inability to make timely decisions. His indecision is reinforced by information from numerous sources including real estate investors, the lender, realtors, mortgage brokers, and bankruptcy attorneys. All of these individuals have a […]
Can a “Deed in Lieu of” Really Stop a Foreclosure?
Recently lenders have been taking homeowners’ deeds in lieu of the foreclosure process to get title to their homes. The lender simply accepts a deed in exchange for forgiving the homeowner of his mortgage or deed of trust loan, however, this does not mean the homeowner is no longer responsible for a loan deficit.
Let’s […]
Foreclosure and Your Credit Score
The impact of foreclosure on your credit score is the most frequently asked question we get. The method of calculating a credit score (FICO Score) is proprietary information. What complicates the issue even further is that all credit information is calculated into the individual’s credit score as it is entered by creditors and […]
What is Equity Stripping in Foreclosure?
Equity stripping is the act of taking money out of the value of a home over what is owed to all the lenders combined. The simplest example is when a homeowner gets a Home Equity Line of Credit (”HELOC”) in addition to his mortgage. This amount usually takes the remaining equity to 10% […]
How to Keep the Pros from Stealing Your Deals Already Under Contract
It has been increasingly common in recent years for pro investors to steal deals that are already under contract by another investor. This is probably not a new trend but some disturbing methods have been employed by some pros in the past few years.
Stealing a deal that’s under contract simply means that […]
Making Partial Loan Payments to Stop Foreclosure
Making partial loan payments while in foreclosure is what many homeowners ask us about, usually because one or both spouses became unemployed. Before they are employed again, they can still make partial payments because they frequently have one income source. Typically, as soon as they are working again, they can handle the old […]
The Greatest Secret of Foreclosure Is Overage
Possibly one of the best kept secrets in the foreclosure industry is “overage”. Overage is the amount of money left over after a foreclosure auction when the buyer has paid more than the lender”s final judgment. This money can be as little as a few dollars or as much as millions of dollars.
Depending […]
