September Foreclosure Listings

TX: 1 in 615

There were 223,538 filings nationwide in September says the latest data from RealtyTrac.

According to the Atlanta General Constitution of May 23, 2007 the default made on all loans all across the country is 1.5%. This is three times the normal rate. This is the highest that rate has been in U.S. history. In 2007 there are projected to be over 1 million foreclosures in this country.

The Three Faces os Foreclosure

by Scott Frank & Andy Heller

So you want to invest in residential foreclosures? Not sure quite where to start? It is helpful to understand first that there are three faces to "foreclosures", each with very different characteristics.

The first face of foreclosure investing is the "pre-foreclosure". The preforeclosure period begins when a homeowner gets behind on his or her loan, and ends with the foreclosure sale. The pre-foreclosure phase itself is divided into two stages.

The first stage covers the period of time beginning when the homeowner misses their first mortgage payment, and ends in the final month preceding the impending foreclosure sale. During this time if a homeowner is not already marketing their home, it will be up to the investor to reach out to and find these distressed homeowners through ads ("We buy homes fast" and "We have CASH for homes") and networking.

The second stage occurs...read the rest

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