Building Wealth by Investing in Foreclosure Houses
Author: Dorothy Blake Article source: http://www.articlealley.com/. Used with author's permission.
As a Realtor, it's amazing to me what lengths people are going to in order to buy a house! Many of these people are dealing with "predatory lenders", who prey on people with bad credit, including past foreclosures, and write home loans for people who really can't afford them. While I was describing one person who stood out in my memory as someone who bought a home that she couldn't afford to an attorney friend of mine who specializes in Bankruptcy and Foreclosure help told me "In five years, she will be MY client." My response was "Alan, not FIVE years - ONE year!"
Foreclosure is a process, highly regulated by state law, in which the lender tries to recoup the amount owed on a defaulted loan by either selling or taking ownership of the property. The foreclosure process begins when a borrower/owner doesn't make their mortgage payments, and the lender files a public default notice. The foreclosure process can end one of four ways:
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