Are you looking for an investment opportunity in real estate? In today’s uncertain environment, foreclosures can be a tremendous opportunity for new investors. The profits can be enormous. Foreclosure investing, however, does have risks and one must be fully prepared before beginning.
Paperwork Needed For a Complete Short-Sale Package
There is specific paperwork needed in order for a lender to consider a short sale. Leave out some of these items and you are sure to have your short sale package sent to the bottom of the pile or worst the circular file. Having a complete package is a must if you want your documents processed.
Safeguarding Vacant Properties
Due to how visible these homes are, they are a quick and easy draw to anyone looking for a place to make trouble, engage in criminal activity, vandalize, or reside rent-free. Because the percentage of homes in the country with no residents is so high, many of these vacant homes are standing empty for extended periods of time, making them especially attractive to the criminal element.
Why Your Lender May Rather Go Through the Foreclosure Process
If you have ever tried to get a loan modification and got denied or felt like you are getting the run around from your lender, then one reason could be is that your lender will gain more financially by letting home owners go into foreclosure. At the end of the day your lender will make a determination as to whether or not to modify you loan based on what is more beneficial to them. Loan modifications are voluntary for lenders so it’s entirely up to them whether or not to modify your loan.