Juli Doty - Real Estate, Real Advice

Foreclosure

You will be stunned to learn the simple truth about how to stop foreclosure. You may also be stunned to learn how simple and profitable it is to buy and sell foreclosures.

Act now. Call your lender and find out all the facts and discuss all the options. This is the time to be courteous, listen well for hints that might offer opportunities, and keep in mind at all times that the person on the phone with you is only doing their job.

• What will it cost today to reinstate the loan?
• Does your lender have any special programs that can allow you to get back on track over a period of time?
• Will your lender place your old debt at the back of the loan so you become current today? This is especially useful when you have been out of work for a time, but can now resume making regular payments.
• Some lenders will entirely forgive the past due debt.
• Some lenders will allow you to pay your regular payment plus an additional amount with each payment to allow you time to catch up.

Make sure you understand all the dates and deadlines.

Let's take a moment to be very real. What can you actually do? Can you make all future payments on time? Can you afford to move? If you do not make any more payments how long until you are evicted? Will that give you enough money to move? Your final day of occupancy will typically be 20 days after the house is sold on the courthouse steps (or other location). If you are in this situation, you may need my report on Foreclosure Options, Warnings and Opportunities.

Were you able to make agreements with the lender that will allow you to keep the home? Yes? Great. Make sure you keep the agreement you made. No? OK. The lender may agree to allow you to forestall the actual foreclosure for a few months while you work hard to sell the house.

Foreclosure is now rampant in a nation where 90% of the people in foreclosure can save themself financially and 50% of those people in or nearing foreclosure can save their home.

People simply do not know how to do it. As a real estate broker I have begged people who were about to lose their home to simply lower their price and sell the house. Save their credit, end up with SOME money. Move on with their life. Far too many are crippled into inaction.

I've knocked on the door of homes in foreclosure and the owner refuses to sell it. " Oh no they say. "I am going to save it!" Two weeks later the house is sold at auction. Foreclosure is all about taking action to embrace a fresh start.

Selling Fast While in Foreclosure

When your house payment is more than you can afford you must make changes. Most lenders will work with you if your house is listed with a real estate agent or actually pending sale.

Need Help Now Before You Face Foreclosure?

Real Estate, Real Advice is here to help you work through all the options of selling. One of the free benefits that home owners in foreclosure receive is to advertise their house on our PLS (Public Listing Service). We make sure that your home is presented directly to buyers who specialize is working with pre-foreclosure purchases. Home owners at risk of losing their home to foreclosure can reach for special services on Real Estate, Real Advice.

• Public Listing Service
• Buyer Network
• Detailed answers on how to work with your lender

How to Buy Foreclosures

The last 5 homes I purchased for clients out of foreclosure averaged a profit of $83,000 per house. That profit belonged to the home owner until they literally threw it away. The rules of purchasing foreclosures are strict. You will need access to cash. Position yourself by learning the regulations, preparing your finances and studying the process of experienced foreclosure buyers.

RERA Investor Members receive private notifications of available terms on foreclosures homes that have entered the PLS.