Foreclosures Help Information

Archive for June, 2007

Naples Foreclosed Condos

Recent statistics indicate an upward trend in bank foreclosures across the state of Florida. Market prices on condos and homes are near the bottom. Buying bank foreclosures is one of the most effective ways to secure a profit in Florida real estate. The current market conditions are very favorable for investing in foreclosures.

Naples and Marco Island Foreclosures Offer Attractive Opportunities

If you have ever had an interest in purchasing real estate in Naples or Marco Island, you should probably take another look. There is a limited supply of properties close to the pristine Gulf of Mexico beaches. A high number of foreclosures in Naples and Marco Island have created the perfect opportunity to get a great deal on a home or condo in these sought after resort communities. Foreclosed waterfront and beachfront properties are selling at the lowest prices in years and an investment in these areas is very desirable. The good properties are selling quickly.

Buying Bank Foreclosure Properties

The most important step in buying a foreclosure is to become familiar with current market values in the area you would like to invest in. You should also have a thorough inspection done to determine the repairs that might be needed. Your offer should be reduced by the amount of the repairs needed and allow for a profit for doing the work. You should consider the cost of building a home today. Impact fees for water and sewer are very high in Collier County. If you can purchase a home for less than it would cost to build then you probably have a home worthy of consideration.

Bank Owned Homes and First Time Home Buyer $7500 Tax Credit Is A Winning Combination

The increased number of foreclosures has created a great opportunity to purchase a bank owned home at a substantial discount. The first time home buyer tax credit is offered as an economic stimulus to help make homes easier to afford. The $7500 Tax Credit can be used to assist the first time buyer purchase bank owned homes at reduced prices. A first time buyer should realize that a home is a long term investment. Some banks are offering up to 90% financing on properties after taking substantial price reductions. These new loans are highly favored by the banks because of their favorable loan to value ratios. You should offer a deal that they find hard to refuse. If the bank can justify taking your price and get a new performing loan they will be more likely to give your offer careful consideration.

Bottom Line:

If executed properly, purchasing a bank foreclosure can be a very profitable investment. The greatest advantage is the discounts that one can get buying the right property. You should try to purchase at a discount of at least 20-30% of the market value. Focus on quality properties in prime locations that need minor repairs. Don’t be afraid to make some offers, Get pre-qualified by your bank and get a letter from your bank to show you are able to buy the property you want. This will help separate your offer from those buyers who are not prepared. The banks will be much more receptive if they know they have a real buyer.

About the Author:

Realty Advisors of Southwest Florida, Inc. specializes in marketing and selling bank foreclosure real estate in Florida. Foreclosures, For Sale Homes, Condos For Sale, and Real Estate Investment Properties can be purchased in resort communities such as Naples, Bonita Springs, Fort Myers, Cape Coral, Sarasota, Tampa, Orlando, Miami, Miami Beach and Jacksonville.

Article Source: ArticlesBase.com - Are Bank Foreclosures in Florida Now a Great Opportunity?

Saint Croix Foreclosures | Naples Florida Condos | Naples Foreclosures

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Foreclosure Law Tn

There are over 80 million lawsuits filed every year in the United States. Landlords and real estate investors are especially susceptible to liability. Are you a target? Are your assets easy to locate? Is your real estate titled in your name?

You wouldn't walk around with a financial statement taped to your forehead would you? So why would you have your most valuable assets exposed to public scrutiny? Anyone can go down to the county courthouse or recorder's office and look up the owner of any property. Real estate records are now computerized, so all of your real estate holdings can be located at the touch of a button!

Any mortgages on your property will be recorded as well. Most recorded mortgages will state the amount of the original principal balance and the date the mortgage payments began. All one has to do is figure out the balance of your mortgage and subtract that amount from the market value of your house. Bingo! Now they know how much equity you have and hence whether suing you is worthwhile.

If a tenant or creditor is contemplating suing you, he will make an appointment with a lawyer. Unless he can afford an attorney by the hour ($150 and up), he will likely seek a contingency-fee lawyer. A contingency-fee lawyer does not charge by the hour; he charges a percentage of whatever he collects. Most contingency fee lawyers will not take a case unless there is something upon which to collect.

If you have no real estate in your name, then finding out your ownership interest will not be easy for a typical lawyer. It's not that lawyers are lazy. It's simply a matter of allocation of resources; lawyers focus on cases they can win and collect. If they don't find any assets in your name (and there is no other apparent deep pocket), they probably won't take the case. As you can see, appearing broke is the best lawsuit repellent money can buy!

There is another problem with owning real estate in your own name. If a judgment is obtained against you and filed in any county in which you own real estate, all real estate in that county will have a lien attached to it. You cannot sell or refinance any property in that county, since no title insurance company will guarantee a clean title. You're stuck until you pay off the lien.

Some people use a corporation or limited liability company to hold title to their real estate. While these entities will protect you, they will not protect your property.

If you own all of your properties in one corporation, a judgment against the corporation will create a lien on all property owned by the corporation. Furthermore, the directors and officers of a corporation are public record, so a corporation will not hide your ownership.

The solution for holding title to real estate is a land trust.A land trust is a revocable, living trust used to title ownership of real estate. Title to the property is held in the name of a trustee, who is forbidden to reveal the beneficial owner. The beneficial owner or "beneficiary" can be an individual, corporation or other entity for further protection.

Land trusts were first used in Illinois, hence the nickname, Illinois Land Trust. In nine states (AL, FL, GA, HI, IL, IN, ND and VA), land trusts are specifically recognized by statute. In most other states the validity of land trusts are supported by common law and general trust principles (land trusts are not recognized in TN & LA).

A land trust, if properly setup and implemented, will hide your name from the public records. No one will know who owns the property but you, your attorney and the trustee. If a judgment is entered against you, a lien will not automatically attach to the property, since title is not in your name.A transfer of realty into a land trust virtually no income tax consequences. A land trust is considered a revocable "grantor" trust under the Internal Revenue Code, so it does not require a separate tax identification number or income tax return.

Thus, you continue report the property for income tax purposes as though you still own it. Furthermore, a transfer of property into a land trust will not usually trigger the due on sale clause of your mortgage. A land trust will allow you to assume an FHA or VA loan without recourse. Anyone can assume an old FHA or VA loan without qualifying, but few investors realize that such an assumption is with recourse.

If the investor sells the property and the buyer assumes then defaults on the loan, the investor (and anyone else who previously assumed the loan) may be held liable. If a land trust is established to take title to the property and assume the loan, there is no recourse against the beneficiary.

Furthermore, the loan will not appear on the beneficiary's credit report as a liability. So What are your waiting for?

Get that Property Out of Your Name!

About the Author:

Richard Reichmann is internationally known as a millionaire maker. He's a leading consultant in real estate and internet marketing strategies that are profit proven.

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Article Source: ArticlesBase.com - Get That Property Out of Your Name Before Someone Else Does

Congressman Cohen Holds Hearing On Foreclosure Crisis

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Mortgage Foreclosure In Minnesota

Question: I need help with with getting a new mortgage loan.?

ok so basically I'm going to do a short sale on my home so that it isn't going to count as a foreclosure against me and because of whats going on my credit isn't so good anymore. but I'm really looking to try to find a lender to give me a lesser mortgage so i can get into a home that's more affordable. any ideas on how i can find a lender in minnesota that is willing to work with someone with bad credit???

thanks for any ideas I'm a single mom and this is really stressing me out i don't know what to do.

Answer: in MN since all the loans have changed - you will need 3.5% for a down payment on a new mortgage. You also will most likely NOT qualify for a mortgage since you just sold your home on a short sale.
No lender will touch that for at least 1-2 years - so I'd say plan on renting and re-establishing your credit. Or go to mnrealestateteam.com and talk to one of the loan partners

Fighting Foreclosure: 5 Minnesota Women Refuse to Leave