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different types of real estate foreclosures

Feb 29, 2008
want to buy a house for as much as 30% under its market value? Then maybe you should be looking at foreclosures. There are many different types of deals available due to the ever increasing amount of foreclosures in cities across the country.

Stopping a foreclosure is not easy, but if you can stay informed and seek help it may be possible. The equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Now you know what real estate foreclosure means you may know what to look for.

Investing in pre-foreclosures with short sales has never been better. Many everyday people have never thought about getting into real estate investing because they always thought that real estate investing requires lots of money and a great credit score. House foreclosure investing for most people will require funding, but not as much as you might have thought. In fact, experienced investing individuals and business companies can easily make a lot of profit by recognizing the right opportunity. Much of the risky lending that helped fuel the housing boom dried up this summer when investors lost their appetite for these loans, after tens of billions of dollars worth of mortgage-backed paper all but evaporated. The credit scare has thrown a chill on all mortgage lending, threatening to prolong the ongoing housing slump. Falling home values and tighter lending standards have extended the housing slump, making it tougher for homeowners unable sell their homes or refinance when they face mortgage payments they can't afford.

HUD Foreclosures, on the other hand, are the houses listed for sale by the US Department of Housing and Urban Development, which has been taken over from the homeowners after the latter, having FHA insured mortgages, could not meet their financial obligations. If you think you want to buy a HUD home, you need to contact a real estate sales professional in your area who is authorized to sell HUD homes (most are). Because they are sold "as is," you should become familiar with HUD rules and regulations. Contact the Department of Housing and Urban Development to request an approved housing counseling agency: 800-569-4287 or hud.

Tax reversion (property tax foreclosure) Property tax foreclosure is the process of disposing of property on which taxes have not been paid. In all US jurisdictions a lender who conducts a foreclosure sale of immovable property which is the subject of a federal tax lien

The sub prime boom of the last few years has wreaked havoc on the mortgage industry. Real Estate Foreclosures on such risky products as ARM's, Interest Only Loans, and Pay Option ARM's have resulted in many people losing thier homes.

Federal, state and local lawmakers have struggled to respond to a growing wave of foreclosures among borrowers with higher-cost subprime mortgages. All this means that the right foreclosure deal may be out there waiting for you.

To Recap, be aware of the different types of foreclosures and which one may provide the best oppurtunity for investment. Be sure to do your research and to find a qualified realtor. Then with a little luck and a little patience the perfect deal may be out there for you.
About the Author
For any inquiries about foreclosures or want to search homes in Cherokee County Real Estate Rob Muller is an Real Estate agent specializing in Cherokee County GA Real Estate as well as East Cobb Real Estate
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