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Understanding the foreclosure process
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Understanding the foreclosure process

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This will take you through how to understand foreclosures and how to avoid them.

This will take you through how to understand foreclosures and how to avoid them.

Published in: Economy & Finance, Business

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  • 1. Understanding Foreclosures SDREHomes.com 858.376.7773
  • 2. What is a Foreclosure?
    • A legal proceeding whereby a mortgage lender sells or repossesses the home of a borrower who stopped making mortgage payments.
      • Notice of default - 90 days
      • Taking the property
      • Right of redemption
    • Homeowner’s do not get foreclosed on, their properties do.
  • 3. Stages of Foreclosure
    • 1. Miss your payments
    • 2. Pre foreclosure
    • 3. Auction
    • 4. Post foreclosure
  • 4. How to Avoid Foreclosure
    • Should you even try?
    • Come to terms with the reality of foreclosure
    • Get the money
    • Modification
    • Refinance
    • Hire us
    • Short sell
    • Reverse mortgage (62+)
  • 5. The Lender
    • They don’t want your home, they want your money, there interest is your interest payment
    • They don’t want to rent your home, they want your interest payments
  • 6. Beat Them to the Punch
    • Sell your home before foreclosure
    • Due on sale clause
    • Use proceeds to pay off the mortgage
    • If the mortgage is greater than the value of the home, short sale.
  • 7. Stop the Foreclosure Process
    • Foreclosure Workout - Modification
    • Short Sale
    • Bankruptcy
    • Deed in Lieu
    • Sell your home
      • Seller financing, assumable note
  • 8. Implications of a Foreclosure
    • Missed Payments
      • Late payments drops FICO 50 to 100 points
    • Short Sale will drop your score 100 points.
      • 18 months to rebuild
      • Up to 3 years to get a new house
      • NO default judgment against you
      • You will have to pay tax on debt forgiveness
    • Foreclosure and Deed in Lieu
      • Credit score will go down by 250 to 280 points.
      • 3 years to rebuild
      • Liable for deficiency
  • 9. Buying a Foreclosure Property
    • Not always cheap
    • Elbow grease to fix it up
      • It will never be ready to go
  • 10. SDREHomes.com
    • Call us for a list of foreclosure/REO homes
      • 858.376.7773
    • If you are going through the foreclosure process join us on our webinar…
      • www.freebinar.com/sssd1