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When Change May Not be for the Better

Home Foreclosures seem to be dominating the news these days in a way that many of the foreclosing lenders (major banks) rather not be happening. Foreclosure usually involves a procedure in which a lender or mortgagee (holder/owner of the mortgage note), having determined that the homeowner or entity to whom mortgage money was provided (the mortgagor) under specific repayment agreement(s), failed to adhere to the agreement by refusal to or inability make the agreed-upon payments until the mortgage is repaid in full; notifies the homeowner of an intent to foreclose unless payments are resumed and proceeds to obtain court approval to foreclose the property through summons and complaint and eventual referee sale in the absence of payment resumption.

That's a general idea of how the process worked for years; But this year the foreclosure process is undergoing  a different kind of process whereas many homeowners, through their legal representatives, have questioned the methods under which present-day lenders have initiated the process, demanded to see certain documents that would entitle the lender to the right to foreclose and insisted that the procedure being employed to take away their homes be in conformity with real estate laws set forth by their local governments as well as federal regulations to the extent that they apply.

In other words, if the lender (a bank in the current scenario) is the owner of the mortgage note, for example then it has every right to foreclose as long as it can prove ownership of that note. Another problem which seems to be creating problems for lenders these days is the method in which certain foreclosure documents were notarized. As you may be aware, documents requiring notarized signatures must be signed in the presence of a duly licensed Notary Public and then certified (stamped or seal) as genuine. There are questions as to whether this process was adhered to when notarizing the foreclosure documents.

So the atmosphere is very murky which may be the reason four major lenders suspended foreclosures to some degree; Attorneys General nationwide have opened investigations into the banks' foreclosure procedures; And many federal lawmakers are calling for a moratorium on foreclosures until banks are able to demonstrate that the process of foreclosing on homes and evicting the residents are forthright and free of errors as well as the appearance of fraud. There are strong feelings and arguments on both sides of this foreclosure issue and it may not be easily resolved to everyone's satisfaction any time soon.

But one fact is indisputable, and that is the laws which govern our real estate industry and the lending practices of the institutions that provide the financing thereto did not change in such a way as to ignore lending practices and all the instruments available to a lender to protect its interest, nor did the law change in such a way as to ignore what that lender's responsibility is towards a property in which it has interest and therefore the obligation to protect the owner's rights. In both instances there is an expectation that actions will be governed by those laws presently on the books.

For more on the current foreclosure dilemma, please see the article titled "So Exactly Who Owns Your Mortgage" on Our Foreclosure? page    

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 Where it comes to real estate foreclosures there are plenty of terms and descriptions associated with the issue. Well-known terms such as default, pre-foreclosure, pending foreclosure, mortgage acceleration, deed surrender, forbearance, and foreclosure proceedings, among others. Most of these terms were within the realm of expected and/or acceptable courses of action the results of which were pretty much predictable.
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A home buyer sought a mortgage to finance the home being purchased, a lender agreed to provide that financing to the buyer after requiring that s/he goes through a qualification process which included an appraisal (paid for by the borrower) of the property being purchased and at the end of such a process, agree to sign various documents that effectively secured the lender's interest in the property. In short, this bunch of papers the borrower signed at loan closing states that in the event that the new homeowner fail to repay the money borrowed the lender has the right to foreclose the mortgage and take the property.
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Many homeowners dreaded the term foreclosure associated in any way with their name or around their home so they faithfully made their mortgage payments to their respective lenders even if they could afford to pay nothing else as a consequence of making that mortgage payment. Those attitudes have changed as a result of the mortgage crises which devastated the real estate and mortgage markets and depressed home values in some markets to the tune of 70% of their original value. Many homeowners literally suffered deep psychological pain as a result and others simply refused to allow themselves to continue suffering.
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They took bold steps unlike any that mainstream America have ever taken in any significant numbers. These homeowners engaged in a system known as Strategic Mortgage Default which is a method of ceding the property to their respective lenders and simply walking away from it with no further worries. What is different in the case of a strategic default as compared to the traditional foreclosure is this:
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The homeowner in some instances have not been in default on the mortgage otherwise. They have the means with which to continue repaying the loan, but they argue that if the mortgage balance is higher than the value of their homes (a condition referred to as "underwater"), it is not in their interests to continue throwing hard earned money into a negative equity property which may never regain the pre-meltdown value.
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This method of foreclosure has caused many in the real estate and mortgage industries to reexamine the way business is done. Simply put, if strategic mortgage default should become a more viable alternative for homeowners whose property values have continued to decrease at the rate of a year ago (2009), the increased pressure on banks that hold these mortgages to own these homes, secure/repair them, pay the taxes on them and insure them will certainly have negative economic consequences for years to come.
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For more information relating to Strategic Mortgage Default, click here!

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Real estate law: The layman's brand

Real estate is indeed one of the safest investments and a lot of people use real estate as an investment avenue. Real estate law is not the forte of real estate attorneys and real estate agents only. Every real estate investor should understand at least the basics of real estate law. In fact, a short course or a concise book on real estate law can sometimes be of great help (and is generally sufficient for understanding the basics of real estate law).

What you need to understand is the real estate law with respect to the legal procedures that you need to follow for ensuring a smooth transfer of title to the property you acquire/sell in addition to other related procedures. You need to understand the fee structure (e.g. stamp tax, mortgage tax in states like New York, and title issues and concerns) that you need to take care of as per real estate law. You will also get a better understanding of the property classification and how basic real estate law applies to them. Why the commercial and residential properties are treated differently by the real estate law.

The tax laws with respect to real estate are one of the things that would be of most interest to you. So, your study on real estate law should also cover all the aspects related to taxes. How mortgages are treated in the perspective of real estate law is another thing that you should know about. Also, the real estate law which affect tenancy should also be well understood by people who wish to rent out their property.

However, you should not overdo that i.e. you should not start becoming hysterical about learning real estate law in order to practice like or replace your attorney (lest you end up wasting a lot of time in trying to learn everything about real estate law and be left with no time to evaluate your real estate investment). Leave the intricacies of real estate law to the real estate attorneys (and to some extent real estate brokers who too are taught real estate law as part of their course for obtaining broker licenses).

Understanding the various legal terms referred to in real estate laws can help you in not only enhancing your understanding of real estate but also help in making your conversations with real estate attorneys/agents really fruitful. You should also note that though some of the basics remain the same, the real estate laws vary across different states. Also, real estate laws (especially the tax related real estate laws) can undergo changes over a period of time, so you need to keep tab on such changes. Any signficant changes will  appear prominently in news and you will get to know of them anyhow; But overall, knowing a little bit of real estate law can really be helpful (and is, in fact, essential).
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Modern day real estate investments come in all different forms. One of the most popular forms of real estate investment is the property foreclosure because investors know that negotiations are less complicated due to a couple of factors. First, many foreclosed homes that are owned by the bank (REOs) are usually in need of repairs and therefore an offer made substantially below the market value is more likely to be accepted. Second, the bank will usually make every effort to get rid of the mortgage debt by accepting an offer closer to what is owed on the property as opposed to what the property is actually worth.

Many investors understand that there are certain risks involved with the purchase of a real estate foreclosure, but often do a risk/benefit calculation prior to making a particular offer in order to determine a positive and advantageous outcome. Ultimately each investor purchase of a real estate foreclosure is profit-driven and therefore will always consist of varying degrees of risk. So If careful consideration is given to this is a type of real estate investment, it will most likely be best for most people. Of course there are other types of real estate that may also good for investment, such as commercial property types, but residential property foreclosures are most plentiful in terms of individual units.

All properties in foreclosure are not necessarily good for for real estate investing due to insufficient equity, difficulty in reselling (such as vacant land), and special-use properties (zoned for one use only such as SROs & Landmark properties in New York City), among a number of other properties in foreclosure. It is not reasonable to assume that because the price seems unbeatable that the deal is going to be sensible for reasons mentioned already, so in order to be a prudent property foreclosure investor it is an absolute must that you get an abstract search done against the property to determine legal occupancy, zoning, and existing liens.

Buying and holding foreclosure property requires a different approach all together simply because you'll be expecting to hold it for a very long time while the value of the property appreciates in value. This requires someone that is very savvy when making these types of purchases or extremely lucky for the most part. More importantly however, it involves someone who has the patience and tenacity to hold on to their investments for a long period of time. These investments can provide a nice retirement for the right investor as well as funds at the proper time for the weddings of children or to pay for college. All excellent reasons to make this kind of investments but as stated earlier, more thought and skill must be put into this type of foreclosure property investment purchase.

Rental properties are another excellent way to make money for those who are willing to deal with a long-term property investment. After completing necessary repairs and any needed refurbishing, the investor actually becomes a landlord and by renting the premises to suitable tenants and collect money each month. The objective here is to have someone else (the tenant) contribute to the mortgage until the property is paid for and/or at a much later date at which point the investor will receive total profit from the endeavor. Obviously, there are some expenses along the way that is involved in keeping propertie(s) up to date and rental units in demand, but the benefits of this particular type of investment are almost undeniable for the right investor.

Of course there are high-risk real estate ventures for those that need a little excitement in their lives. One of the more common high-risk investments would be pre-construction real estate investing.  With this form of investment the investor is actually 'betting' that the future property will sell for a higher price than the investor paid once the building is complete. Although there are seldom any foreclosure properties available for sale in the pre-construction departments of construction lenders, on occasion a builder may run into financial problems and the bank will have no other way out but to foreclose and offer the pre-construction foreclosure property for sale to the public.

Whether your investment needs are low-risk, high-risk, or somewhere in between there is quite likely a style of real estate investment that will be appropriate for your specific investment needs with the purchase of a foreclosure property simply because in today's real estate environment there are a record number of properties held by banks and they must sell them sooner or later. If you do not find a foreclosure property that will make a suitable real estate investment to fit plans then do not despair there is ample time and when the right one comes along you'll know it's right for you.
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When looking for a home for you and your family you will probably come across all kinds of deals, bargains, and so-called values along the way. If price is a very tangible object for you and your real estate investment then you might seriously want to consider the value of foreclosures.

If you are hoping to invest in real estate in order to turn a profit then you may also wish to consider these properties that are often sold well below the ordinary value of the property because they are in varying degrees of disrepair.

Foreclosures are properties that have been taken back by the lenders because the previous owners were unable to continue making payments on the property. Being that these homes were often owned by those in financial distress and may have been empty for some time before being sold, chances are that the foreclosure homes being sold at any given time are in some degree of disrepair.

The shabbiness of many of these properties is one of the factors that keeps the prices down. Another is the fact that the lenders are essentially attempting to recoup their investment in the property. For this reason they are often willing to take less than the value of the property if that is what is owed on the property.

Why are these properties often in a state of disrepair? Truthfully, there are many reasons but the primary culprit in this situation is money. Obviously the owners of the home were struggling to make the payments or the home would not be in the state of foreclosure. If the notes on the property were difficult to begin with, it makes perfect sense that other issues such as leaking roofs, shabby carpeting, or plumbing maintenance would take a distant second in priority to making the house payment.

At the same time, there are those who are bitter about loosing their homes. As sad as the situation may be some add insult to injury by damaging these properties intentionally. These homeowners feel they have nothing left to loose and if they cannot have their property whole then the lenders should not as well. While this is by no means the way to go, there are very many who choose this path over other options.

The fact is that their loss in these situations is actually your gain. The damage they do to the property is often not terribly expensive to repair though it can be quite bothersome. Your willingness to do the work in order to create a beautiful home for you and your family or as an investment can often translate to big savings at the closing table or when negotiating the price of the property. 

Foreclosures can allow families to buy larger homes in better neighborhoods than they would ordinarily be able to afford. They can also provide a fabulous kick-start to a property investment portfolio. Despite common claims and Internet advertisements, you do not need to buy a list in order to find foreclosed real estate in your area. You simply need to procure the services of a competent real estate agent and let him or her know that your intentions are to purchase a foreclosed property or some other property that is selling well below market value.

You might be amazed at the wealth of information and assistance your real estate agent can provide; not only in finding excellent foreclosures but also when it comes to procuring financing for some of the more creatively damaged foreclosures you may run across at insane bargain prices.
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Pre foreclosures are known as properties that have reached the final stages before they get repossessed or taken back by the lender or bank.  The owners are still in complete control of their properties or homes, although the bank or lender will repossess a home if the owner doesn’t attempt to rectify the situation.  Normally, if the owner makes things right with payment, the pre foreclosure will settle and things will go back to normal.

When buying real estate, there are several benefits to pre foreclosures.  Although there are several ways that you can buy a home, pre foreclosure is one of the best.  Even though it is one of the best ways to buy property, many people miss out simply because they aren’t familiar with pre foreclosures and all of the benefits that come with them.

The best thing about pre foreclosures is the prices that are associated with them.  In most cases, the owner has no choice but to sell the house, and therefore will listen to just about any offer that s/he receives.  Due to this very reason, you can find pre foreclosures for sale at nearly 50% off market value.  This is an ideal time to purchase, especially if you are looking to save a lot of money.

Along with the great prices you can get with pre foreclosures, you’ll also have the luxury of dealing directly with the owner - no third parties involved.  This is a great advantage, with buyers being in total control of pre foreclosure sales.  In the event that the home owner decides to turn down your offer and cannot find another buyer, he will lose everything.  Even if you offer the owner a small price, he will be able to make a little bit of money selling the home.

You can find pre foreclosures that are up for sale pretty much the same way that you can find homes which the bank already has control of.  You can look in the local newspaper, on the Internet, or by calling the lender directly.  There are several options that you have in terms of finding pre foreclosures, giving you plenty of options. Once you have found a pre foreclosure for sale, it’s up to you to seal the deal and get the home of your dreams at a very affordable price.

When you compare foreclosed properties with pre foreclosed properties, you’ll find that there is less competition involved with pre foreclosures.  Pre foreclosed homes are a great purchase, as they will normally come at a very affordable price.  Those of you who have been looking for a new home shouldn’t hesitate to check out pre foreclosed properties.  They are a great investment - and can indeed be very profitable in the long run.
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