Many real estate investors used to specialize in picking up foreclosures. Like other investors, we purchased HUD, VA, and bank foreclosures. In the eighties my husband and I ran a HUD repo real estate office. We bought our last foreclosure in 2003.
Why did the foreclosure market dry up?
Besides the economy providing better employment, mortgage lenders softened their treatment of borrowers.
Since mortgage lenders created programs to help home owners in trouble, foreclosure rates have dipped. Delinquent borrowers now can stay in their houses and "work out" their problems.
Among the programs used: restructuring the note terms to fit the borrower's needs; deferring past due payments to the final payoff of the loan; decreases in interest rates; and sales-in-lieu of foreclosure, which give time to delinquent borrowers to sell their properties to pay off the mortgage instead of foreclosure.
Don't waste you money buying real estate investing books and programs on how to make money in foreclosures.
Copyright 2005 Jeanette J. Fisher
How to Make Money Today in Real Estate Investing
1 comment:
If you want to find foreclosures you should find a service that is specific to your city or state. In Illinois www.ilFLS.com is the most comprehensive source for foreclosures, auctions, and reo's that I have found.
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