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biggrich71 asked:
I don’t get pre-forclosure and forclosure. A nd how can you make money off of this? I see these infomercals saying you can make tons of money but I don’t get it.
I don’t get pre-forclosure and forclosure. A nd how can you make money off of this? I see these infomercals saying you can make tons of money but I don’t get it.
Tags: Forclosure, Foreclosures, Tons Of Money
August 25th, 2007 |
Tags: Forclosure, Foreclosures, Tons Of Money
August 26th, 2007 at 1:57 am
a forclosure is when someone cant afford to pay off there house.. heres a break down someone buys a home for $200,000 and they pay $25,000 but they cant afford it any more and so on well then you could get the house of $175,000 the balance that they still owe…. sometimes people live in there homes for 8or 9 years and pay on it but maybe some one passes away or someone loses their job… does that make sense??
August 27th, 2007 at 12:01 am
forclosures im sure you know are home that banks are taking from the home owner’s because they haven’t made the payments. You can make money off the home’s because often you will find home’s wich value at more then what the bank wants for it. So you can buy it fix it up a lil bit and sale it at twice of what you purchased it for. You do need to make sure the home is worth what you think it is befor you purchase it.
August 28th, 2007 at 5:50 pm
If I don’t make my payments, the bank will take my house away and sell it so they can try and recover some of their money.
Some investors look at this sad situation and see an opportunity.
1 Maybe they can buy the foreclosed house and fix it up and resale it for a good profit.
2 Maybe they can contact the poor soul that is about to lose the house and offer to buy it from him before the foreclosure and fix it up and resale it and make a profit.
3 There are also a large number of ways that a fast talking con artist can come in and get a desperate person to agree to something that is in reality a very bad agreement for them. That may be the tons of money part.
August 31st, 2007 at 4:54 am
Here is a quickie explanation
When a buyer borrows money to buy a house they sign a promissory note and a separate instrument called a mortgage when the buyer can’t pay on the promissory note, which is the instrument that creates the debt and the terms of how the debt will be paid; the lender, after the required notices, will take the borrower to court and exercise the rights that the borrower gave the lender in the mortgage and will ask the court to allow the sale of the house to pay the debt created on the promissory note.
The process before the judgement of the court ordering the sale is called pre-foreclosure the process of being in court is called the foreclosure and after the public sale occurs the lender becomes the owner of the property and the foreclosure process, other than any eviction required, is finished.
Best of luck to you