Education Center

  • Foreclosure Overview Process

    A foreclosure occurs when a property owner cannot make payments on their mortgaged property allowing the lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when the lender files a public default notice, called a Notice of Default or Lis Pendens. Read More

  • How To Contact The Owner Of A Pre-foreclosure

    Buying a home in pre-foreclosure can offer a great bargain but this stage of the foreclosure process can last several months therefore, you need to have a lot of patience. The pre-foreclosure stage is the time from when a Notice of Default or Lis Pen dens has been issued until the time the lender puts the property up for auction.Read More

  • Foreclosure Auction Process

    There is a process that gets followed at every foreclosure auction. Before the bidding begins, the attorney in charge of the foreclosure proceeding will read a legal statement. This statement outlines the property being auctioned off including, the address and a description of the property. Read More

  • How To Make Money Buying Homes At A Foreclosure Auction

    If a bank forecloses on a home it is entitle to collect what is owed to them plus any fees associated with the foreclosure. At a foreclosure auction the bank will start the bidding on a property at the amount that is owed to them. Read More

  • How to Buy a Property at Auction

    Once you have found a property you are interested in, it's a good idea to drive by the property to check out its condition and also get a feel for the neighborhood. Usually, you cannot inspect the interiors of foreclosures before the auction. Read More

  • How to Purchase an REO or Bank Owned Property

    An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. At the foreclosure auction, the bank usually bids the amount owed. If somebody bids higher, then that bidder buys the property and the bank is repaid in full. Read More

  • Why Banks Want To Sell REO's Quickly

    REO's are a liability for the bank rather than as asset. The bank losses money as the property sits vacant each month. Banks gets penalized for having too many REO's. Read More

  • How To Stop A Foreclosure

    Foreclosure is a legal proceeding that a lender can take to make the homeowner pay their missed mortgage payments, or lose their house at a public foreclosure auction. Usually, the bank hires an attorney to oversee the foreclosure process and auction. Read More

  • Mortgages and Deeds of Trusts

    When a bank loans an individual money to purchase a property, the amount of money the bank loans is called a first mortgage or first deed of trust. In order for trusts to be legal they must be recorded at the land records office. Read More

  • Understanding Judgment Liens

    When a homeowner owes a debt a lien is put on the homeowner's property in order to secure the debt. There are different types of liens like, mortgage and deeds of trust, tax liens as well as judgment liens. Read More

  • Different Types of Mortgage Loans

    There are different types of mortgage loans from conventional loans that are not backed by the government to VA and FHA Loans which are backed by the government. Read More

  • How to Buy A Short Sale

    A short sale happens when a property is sold and the lender agrees to take less than what is owned as payment in full. For example, it a homeowner owes $150,000 on their mortgage, but the bank allows $100,000 as the payoff amount, this is known as a short sale. Read More

  • Overview of Judicial and Non-Judicial Foreclosures

    In the United States there are two common types of foreclosure: Judicial Foreclosure and Non-Judicial Foreclosure. Judicial foreclosure happens when the lender files a civil lawsuit against the borrower, with the entire process being handled by the court and is allowed in all states. Read More

  • Buying a Pre-foreclosure (NOD, LIS)

    A pre-foreclosure occurs after a homeowner has defaulted on their property, but before it has been sold at auction. You negotiate with the owner of the property before it is sold at the auction, and you take on the mortgage and any other outstanding debts on the property. Read More