Resources
Home Office Library Furniture: Striking A Balance
By Jared Winston
A home library can be the highlight of your home, as a place for you to relax and rest or as a place for you to study and learn. However, it can also be the center of your business life. Many people Read more...
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Resources
Home Equity Loan Facts
By Michael Colucci
A home equity loan is a special type of loan that is used by homeowners who wish to use their equity as collateral. It may be necessary for a family to obtain a home equity loan for things such as Read more...
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Resources
Is An Unbalanced Work Life Bothering You? Work from Home Careers May Just Be The Solution You Need
By Calvin Heng
The number of work from home careers available today is astonishing. If you are dreaming of being your own boss so that you can spend more time with your family and kids, work from home careers may Read more...
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The History of Middle-earth is a 12-volume series of books that collect and analyse material relating to the fiction of J. R. R. Tolkien, compiled and edited by his son, Christopher Tolkien. Some of the content consists of earlier versions of already published works, while other portions are new material. These books are extremely detailed, to the point of documenting scraps of paper that have been erased multiple times with many footnotes. ...
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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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