Читать книгу Foreclosure Investing For Dummies - Ralph R. Roberts - Страница 35

IN THIS CHAPTER

Brushing up on the differences in how foreclosures are handled

Investigating the early missed-payment pre-foreclosure period

Finding opportunities in the Notice of Default stage

Arriving at the foreclosure auction stage

Waiting out post-foreclosure, from redemption to eviction

A common foreclosure myth is that it’s a one-time event. Homeowners miss a mortgage payment or two, and the lender swoops in and scoops up the property. The fact is that foreclosure is typically a long, drawn-out legal process that begins with missed payments, proceeds through some sort of legal system, and often results in homeowners losing their homes.

An understanding of the foreclosure process reveals the various stages at which you can purchase properties. By knowing what to expect, you can often maximize your opportunities while minimizing costly mistakes.

This chapter provides a road map of the foreclosure process, beginning with a notice to the homeowners and the public of missed mortgage payments and ending with the homeowners relinquishing possession of the property. Anywhere along the way, the homeowners have options to interrupt the process and regain control of the property. I point out these opportunities to help you better assist homeowners in making choices and to warn you about what homeowners can do to derail your plans.

Homeowners find themselves facing foreclosure for any number of reasons, including long-term illness or disability, overspending, substance abuse, divorce, and gambling, to mention only a few. As a real estate investor, you gain nothing by judging people in foreclosure. The best way to approach homeowners in foreclosure is with respect and empathy, offering solutions that enable them to leave the past behind and build a more solid financial future.