Resources
Using a Little Common Sense When Comes The Time To Choose A Right Home Business
By Thierry Goho
While no one can deny that internet is the right place where one can succeed through relatively many good home internet business opportunities, it is not irrefutable to say the contrary. In fact, a Read more...
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Resources
The Work at Home Industry is Booming
By Diep Tran
The work at home industry is booming, especially where the internet is concerned. You will never find a better time or opportunity to make money online by working from home in front of your Read more...
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Resources
How to Sell Your Home Lightning Fast
By Mel Goodwin
Once you decide to sell your residence, the most central question will probably be how do I sell my home fast? One house selling fact is that homes placed on the market and sold within the first two Read more...
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Rising Home Foreclosures Spell Opportunity For Savvy Home Investors
By Joe Hanoa
With sharply higher mortgage rates comes an increase in foreclosures as homeowners find that they simply cannot afford the higher mortgage payments. Worse for them, no mortgage company will allow them to refinance if their credit standing is precarious. Thus, the number of foreclosures is rising across many housing sectors spelling opportunity for savvy investors. Are you ready to jump in? If so, it isn’t always thing to do, but it can be done as outlined below.
Chances are if a homeowner is faced with a foreclosure, he may be receptive to you offering to buy his to “rescue” him from what will inevitably be a credit killing experience. If you play it right, you could offer to take over payments or simply buy the at a price that covers what is owed on the mortgage. In effect, the owner loses his down payment and equity in the home, but he gets to keep his all important credit rating and he will have the opportunity to purchase a again once his finances straighten out.
On the other hand, if a homeowner is seriously behind on payments and the home’s value has not
kept up, his mortgage lender could squash any deal that you make. The mortgage company could end up losing tens of thousands of dollars on the sale, especially if your offer doesn’t pay off the outstanding mortgage. Yes, the homeowner is responsible for the loan deficiency but if he doesn’t have the money now, what is the likelihood he will have the fund later? In that case, the mortgage company may authorize that the courts proceed with a foreclosure to remedy the situation.
A compromise plan could have you still buying the if your offer effectively is almost enough money to cover the outstanding mortgage. If it falls let’s say five thousand dollars short, the mortgage company could be interested in entertaining your offer. Why is that? For several reasons including:
--Foreclosure proceedings are expensive. The mortgage company must hire a lawyer and pay filing fees. In addition, thousands of dollars in late payments could be lost forever. Your deal would recover some of that money.
--Property management is a pain. If the is recovered via foreclosure, the mortgage company must still maintain it until it is sold. Taxes, maintenance, repairs can add thousands more to the cost of the home.
Also, if the local housing market truly stinks then your offer may be the only one that a mortgage company could expect. Therefore, understand the market and set your offer at a price to make the most of your benefit.
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