Super Bargain Property is Here!!!

Are you Ready?

By Charles Carpenter,

You can listen to the radio, watch tv, visit any number of web sites, what is the talk?

Foreclosures, Foreclosures, Foreclosures! That is the talk of the time!

More Foreclosure Suits Filed In January Competition from foreclosures on the market is worsening. Florida's foreclosure rate ranked second in the nation in 2007. Closer to home, the Tampa Bay area ranked 23rd among 100 metro areas for its foreclosure rate last year. FEARLESS Investing!

As foreclosures proliferate across the country, many investors and potential home buyers are looking at them as an opportunity to find bargains and deep discounts on those bargains. And contacting distressed homeowners, who have defaulted on their mortgage payments, Sometimes a years worth, which is sometimes know as being in arrears, but may be able to sell their property to avoid foreclosure, can be a good way to circumvent intimidating public vacant foreclosure auctions, having your home sold at public auction is not a pretty picture for most people, buying at the courthouse steps can yield deals which require a higher risk tolerance and much, much, much more cash on hand. Foreclosure leads are ready at Foreclosure-Disclosure.com and soon at best dam site on the internet cheap Florida foreclosures.

But the prospect of directly contacting owners in default is enough to scare some buyers away. They may track down the owner's contact information and only after driving around the block several time,summon the courage to actually make contact, only to have the door slammed in their face - figuratively and maybe literally. At worst have a bad dog go after them! Tis very different in California!

Meanwhile, the homeowner is being bombarded by the foreclosing bank and other investors, some of them showing little compassion for the homeowner's predicament. It becomes common for the homeowner to have piles of letters, flyers, and posted materials.The homeowner doesn't relish the idea of talking to another person who promises to help out but whose real purpose is to make a quick buck. And you bet there are a few crooks waiting for the kill.

Yet there can be an opportunity to make the best of a difficult situation. If the prospective buyer or investor can communicate effectively with the distressed homeowner, both parties may be able to emerge from the situation with a victory. The key for this and many other investment strategies is having the right list to work from. 123ForeclosureSearch.com gets you the right information NOW!

Is this a hobby or do people know you're for real?

Is there anyone in your town that doesn't’t know that you buy houses? If so, you aren’t doing as well at marketing as you should be. I hear investors saying all the time that they aren’t getting seller calls and subsequently aren’t getting the leads they need to find deals. I say step up the marketing and the sellers will call. Not only that but if you are shouting to the world that you buy problem properties, eventually you will be known for what you do and sellers will call you strictly on your reputation. THAT is cost effective marketing.

I was in Home Depot a few weeks ago and passed a couple of guys in an aisle. As I walked by, I overheard one say, “That is the house man”. Now I had never seen either of those guys and have no idea who they are but that experience lets me know that I must be doing my job at letting the world know my business is buying houses. There are many ways to let the world know what you do. Some ways are cheap and some are more expensive. You are going to have to try many things and get a feel for what produces for you best in your area. I have tried many kinds of marketing techniques and have come back to a few that constantly produce enough results for me to buy the 2 or 3 houses I want to buy every single month. They are as follows:HUD houses

Are Banks becoming more friendly to dead beat borrowers?

With foreclosures on the rise, Banks are trying a gentler touch.
When homeowners default, they cost lenders pots of money, an average of $40,000 or more per home - due to brokerage fees, utility bills and other costs. Banks find they're better off getting borrowers back on the payment track than forcing them out.

"The atmosphere is changing," said Lou Tisler, executive director of Neighborhood Housing Services of Greater Cleveland, a non-profit community help group. "A year ago, if you got behind in your mortgage, the attitude was, 'You're going to pay or we'll put you in the street.' Today, lenders are working more with borrowers."

Neighborhood Assistance Corporation of America, a non-profit, community advocacy group reported last month that it had received a commitment of $1 billion from Citigroup and Bank of America in loan refinance funds for at-risk borrowers,says the foreclosure list web site and these are very at risk borrowers.

EMC Mortgage Corporation, a subsidiary of Bear Stearns, has created a "loan-modification" team, which it dubbed the "Mod Squad," to reach out to borrowers in trouble.

Bettye Bankstein, who's a vice president with the Consumer Credit Counseling of Greater Dallas, said that a recent one-day counseling session her organization conducted with the Mod Squad drew in nearly 100 troubled borrowers.

"It was a phenomenal success," said Bankstein. "It makes you wonder why it wasn't done years ago."

The Mod Squad, the foreclosure list web site, and these are very at risk borrowers.

contacted the borrowers by mail or phone and attempted to set up face to face meetings. According to Bankstein, 92 borrowers made appointments and all but 17 of these showed up. Another 12 came in cold.

Most left satisfied, she said. Forty-four were able to repay their late bills without penalties, putting themselves back on schedule.

Most of the others worked out either forbearance agreements, where the lender agrees to suspend payments for a specific time or agreements to bring payments up to date within a specified period of time, usually between 15 and 18 months.

Sixteen borrowers were granted loan modifications in which their notes were rewritten and the terms altered. Some went from adjustable loans to fixed loans. Others had the length of the fixed rate loans extended, producing lower monthly payments. The arrears were folded back into the mortgages.

Bankstein said both of the borrowers she helped counsel at the session were good examples of how good-paying borrowers, the ones lenders want most to help - fall into trouble.

One, a single mom, had been receiving regular bonuses at work and she had factored them into her budget when she bought her home. But her company suspended ReHabList suggests, the bonuses several months ago and she fell behind in her bills.

The second was an older couple. They depended on income from the husband's home-repair business. But when he got sick, that income vanished temporarily.

EMC worked with a foreclosure list site, foreclosure list web site, and these are very at risk out forbearance agreements for both of these borrowers.

Only one of the borrowers who attended the session left with a poor outcome; he agreed to a short sale of the property, basically returning the house to the lender for the mortgage amount owed.

Bankstein said that even that borrower, by getting out from under an unaffordable loan, was not dissatisfied with the outcome.

"He walked out happy," she said.

Great resource for finding real estate foreclosure related terms and sites. You may be interested in the free trail offer too ForeclosuresToGo.

Las Vegas, Nevada — In the rampant real estate speculation of the Las Vegas valley three years ago, people lined up outside Pulte Homes sales offices overnight as if they were waiting for the release of the latest video game console or hot new movie.

Yes, it was true! The whole area had a gambling mania going on, and it wasn't on the tables, it was on the streets and in the neighborhoods.

Having seen his house in an upscale part of suburban Henderson, Nevada, just a short car ride to the southeast of Las Vegas, jump $200,000 in value in 18 months, Sam Klinkenvault felt he couldn't miss any part of the boom.

It was fun he said, till the prices started to stall and then all hell broke loose.

There are 1.8 million, yes that is 1.8 million, subprime mortgages that are scheduled to reset to higher rates this year and in 2009. With trouble we could see more foreclosures and to buy one stop by this site TracForeclosures.com and some really interesting news and foreclosure aritcles.

Treasury Secretary Henry Paulson said Tuesday the administration was exploring what would be a significant expansion of the program to help at-risk mortgage holders.

Some say it'll take 5 years to absorb the boom town bust!

So . . .where will you be? Sitting on the side lines, or playing the game.

Check this foreclosure blog for up to the minute events.

What ever the choice . . . in the galaxy or the next . . . Live long and Prosper!

2007 Foreclosure Search