Are you thinking about buying a distressed property?
Distressed properties could open your eyes to that dream fortune you've always wanted. But when you tell people you are planning on buying a damaged home, a lot of the responses you get are both positive and negative. Buying a distressed property in a prime area with an amazing price tag does seem tempting. If you are still doubtful in getting one, don’t worry! This is why we are here; Ready to give you all of our knowledge and experience from buying distressed properties from over the last 10 years. Please read some of our tips and tricks before discarding the idea completely.
We know that going through a mortgage hardship is one of the most stressful situations a homeowner can go through. Receiving hundreds of calls a day, being placed on a lis pendens list, and multiple calls from your lender asking if you’d like to apply for a loan modification. But is a loan modification the best alternative for you in your current position? With a loan modification you will lower your monthly premiums and stop the phone calls demanding that you catch up on your payments. It sounds like an amazing program, but this is when we, here at SIMS ask our clients to look at their situation logically, not emotionally.
You must have heard of the term “short sale” a lot in the past couple of years. A short sale is something we hear more often when a homeowner is going through a mortgage hardship and is looking for a quick way out to satisfy their mortgage. So, let us be a bit clearer on what exactly a short sale is. A short sale is when a homeowner sells his/her property, with the awareness and approval of the mortgage lender for less than what is owed to the lender. If the lender accepts the terms, then you can proceed with selling the property.
If you have recently received a foreclosure notice on your home the first thing you should do is not panic, this will never save your home from being in foreclosure. So, take a deep breath and keep calm and know your options.
Having a place, you lived in, own and are able to pass down to your children is the American Dream. But, most of the time things don’t work out as planned which can create a sense of fear and frustration as you try to keep up with ends meet and avoid the foreclosure nightmare. If you think you are the only one who is in this situation, then you are wrong. According to Mortgage Bankers Association “every three months, 250,000 new families enter into foreclosure” which means that people from all income levels are suffering from the clutches of foreclosure even as we speak. And most of the time when you try to get help from going online to try to understand the foreclosure process you would most likely get lost or miss important detail because of the many real estate terms and jargons that are involved.
Through this article, we’ll lead you through a few helpful tips to make you understand foreclosure isn’t the end of the line for you.
Let’s get started with what you will need to follow when facing foreclosure…
Everything Real Estate And Much More
There are many forms of investing strategies, but one of the finest investment strategies you can look forward to if considered seriously is real estate investing. There is no limit to your investments in real estate one might become a multi-millionaire or losing your entire life savings, but one thing it isn't is child's play. Then again everything has it pros and con, which doesn't mean you have to shy away from taking the leap into real estate investing or any type of investing for that matter. Everyone has a shot at getting a slice of the pie it just depends on how big you want your slice to be.
1. Is a Loan Modification the Right Option for You?
January 24, 2019
2. Our Tips Before Doing A Short Sale
January 7, 2019
3. Facing Foreclosure? Keep Clam and Know Your Options
November 30, 2018