Guide to Avoiding Foreclosure

http://www.hud.gov/foreclosure/

We don't want to List your home, We Want to BUY Your Home

We don't want to List your home, We Want to BUY Your Home!

• No Equity, No Problem
• Any Condition
• CASH
• No Cost to You

If you are facing foreclosure with your house, we can help! Email us ASAP to receive FREE information about your situation. E-mail: simplehbb@gmail.com or visit our web-site at: http://www.scopepropertysolutions.com/ .

We specialize in helping individuals who are facing foreclosure. Our team will work with you to get the best possible outcome for your situation.

We work for you at no cost.

Book Recommendation: Real Estate H2O

Real Estate H2O by John Dessauer

Fabulous read. I've actually taken one of his courses on Multi-family development. Great guy with loads of experience and advice. And his book is interesting and informative too.

Private Money vs. Hard Money

You've probably heard of both of those terms and you wondered what the difference is between them?

There really isn't a difference between Hard Money and Private Money. The terms are used interchangeable within the real estate investing world.

Private money is usually a short-term loan by a private individual. Interest rates are typically high but not as high. Private money lenders typically lend money based upon the deal rather than a person's credit.

Hard Money is essentially the same as private money; however, there are some companies that specialize in hard money, and typically the companies who lend hard money lend at higher rates than private money.

For more information, scroll down to the last posting on What is Hard Money?

For additional info, email me at: simplehbb@gmail.com

What is a Hard Money Loan?

The term “Hard Money Loan” as it is referred to in the real estate or lending world is a type of non-bankable loan.

Usually this means a loan where the lender can approve the loan request based upon the value of the assets and the equity in the assets.

Hard money loans are those loans usually funded at a higher cost to the borrower because they are non-bankable by a traditional lender. It’s considered a non-traditional loan.

Private money is money borrowed from a private individual rather than a bank or lending institution.

Typical Lending Guidelines:
Property types: All income producing property types considered
Security: 1st mortgages or Deed of Trust Loan
Sizes: From $50k to no limit
Loan Term: 1 day to 5 years
Loan-to-Value: up to 65% or 70% - considered on a case by case basis.
Interest rates: Vary from 10% to 18%
Prepayment: Negotiable

The hard money lender will tend to over look many items that are critical to a traditional lender and soft money loan. These overlooked details will include:
- Foreclosures
- Bankruptcies
- Judgments
- Credit dings, dents and damage
- No credit record or citizenship
- Unreported income
- Unknown sources of down payment

Get Educated First

I cannot say this enough to my clients and trainees, before you attempt to do your own real estate investing, get educated!

We have a college that is dedicated to teaching and training individuals how to become successful real estate investors by practitioners (individuals who are working in the real estate investing market right now).

More mistakes and money is lost when individuals jump in with no experience and no training. To be a successful real estate investor, it takes education and the proper mentorship. We have the coaching and the education you need to make it as a real estate investing professional.

Email us for more information: simplehbb@gmail.com

Notice of Default, What is it?

A Notice of Default is the court document that is filed with the county recorder's office that officially begins the foreclosure proceedings.

Usually, an individual who hasn't paid their mortgage in three months or more will receive a Notice of Default or N.O.D. as referenced in the real estate investment world.

Once a Notice of Default has been filed, depending on which state you live in, your home could foreclose in 21 to 180 days. Check your state foreclosure laws to find out what your state's foreclosure timeline is.

After the Notice of Default (N.O.D) has been filed with the county recorder's office, it will be sent via registered mail to you. You should receive it within 2-3 business days after the NOD has been filed.

What happens to my credit in a Foreclosure?

A foreclosure is the worst possible bad mark you can have on your credit. A home loan is the largest and most important loan most Americans will ever take out. If you can't pay your home loan, then all the other potential lenders will think you won't be able to pay them either.

A foreclosure stays on your credit for 7 to 10 years. During that time, it is very difficult to obtain any kind of financing.

If you are facing foreclosure, please consider doing a short sale or loan modification to help save your credit. Seven to ten years doesn't seem like that long, but it is.

We buy homes. Even if you owe more for your home than what you can sell it for, we can help. We specialize in helping people, like you, who are experiencing financial difficulty with their mortgage. We can help you too. Email us @ simplehbb@gmail.com with your contact information and your home information - how much you owe, how long you're behind, how much you think the house is worth, and we will call you back within 48 hours.

Instead of foreclosing, consider your other options. We can go through those with you. simplehbb@gmail.com

What's a Discount Point?

When a loan officer or someone offering you a loan, talks about discount points, they are referring to a percentage of the loan that must be paid up front. For exampe, 1 point equals 1% of the entire loan amount. If you are required to pay 1 discount point on a $100,000.00 loan, 1 % which is $1000.00 will have to be paid at closing.

What is an REO?

The term REO means Real Estate Owned which in the real estate investing world means bank owned property. It is a home that has been foreclosed upon. It went to auction and did not sell. The bank now owns the house and is responsible for marketing the property at fair market value.

Is a Loan Modification the Best Plan for You?

In many markets around the country, homeowners are seriously upside down on their house. Homeowners bought at the peak of the real estate boom and when the bottom fell out, so did the value of their homes.

There are some options available to you if you do owe more on your home than what you can sell it for. One idea is to try for a loan modification. A loan modification is where the bank refigures the loan on your house, giving you some relief on how upside you are on your mortgage.

A loan modification will only be a good idea if you have the proper financials to support your ability to pay for your home. If you are experiencing financial duress, even with a loan modification, it's probably not a good idea. In that case, you should consider a short sale.

Most people who are in foreclosure and do a loan remodication, usually go back in foreclosure within six months. Make sure, if you are planning to apply for a loan mod, you can definitely afford to stay in your house; otherwise, you'll wind back up in foreclosure.

Is a Short Sale a Quick Sale?

I spent the weekend in a trade show booth answering real estate investing questions and promoting the real estate investment college I attend.

One lady came up to me and asked what exactly a short sale was. She thought because the name is "short sale" that it meant a "quick sale." It means nothing of the sort. The name is really quite deceptive. It doesn't mean that it's a fast or quick sale in anyway.

A short sale really means that the bank is accepting a payoff for less than what is owed - in other words, an amount short of the total amount due.

This process can be quite lengthy. Usually, once a short sale offer has been submitted to the bank, it takes approximately 8 weeks before a loss mitigation officer will even look at it. Once a negotiator has been assigned, it could take an additional 4-6 weeks or longer.

One offer we sent into the bank, we submitted on November 11th and didn't get an approval until the first part of February.

Because the offer is for less than what is owed, the bank has to approve the offer. It's called a short sale because the bank is taking less than the total amount due - not because it's, in any way, a fast process.

When to Buy Real Estate

Today was the first day of the April session of the Real Estate Investment College I'm attending, and it was awesome! My class today was on multi-family properties, how to buy apartment buildings, how to evaluate them, how to talk to the bank to get a commercial real estate loan, and more. Truly phenomenal information!

We talked about when the right time is to buy real estate and this quote from John Dessauer really stuck out to me, "When the cost to buy real estate is less than the cost to build, it should trigger to you that it's time to buy."

Right now is one of those times. Right now, the current market conditions say that it is definitely cheaper to buy real estate than it is to build it, so why not start today?

Real Estate Investing is not easy, but it's definitely worth it. There are strategies for everyone - for people with good credit and lots of money and for people with really bad credit and no money.

Now is the time to buy real estate.

Two Sides of Wealth Creation in Real Estate

We have a system in place that utilizes two different opportunities to make money in real estate investing education.

First, we teach over 37 different courses in real estate investing by 20 different real estate practitioners. Our education is the best in the industry.

We offer our college courses quarterly. For a week training, four times a year, individuals come from all across the country to Phoenix, Arizona to learn how to invest in real estate. If you can't make it to Phoenix four times a year, we also offer online courses.

We teach a variety of topics ranging from legal strategies, directed IRA's, Pre-foreclosures (loan-mods, short sales, wholesaling, subject-to), Foreclosures, rehabbing to buying multi-family and learning how to manage property managers.

The second way we make money is through college recruiting. Each person you recruit to the real estate investing college can earn you anywhere from $1,000.00 to $8,000.00 on a single sale. In a combination package deal with our business development program, coaching and college tuition, can earn you a total of $10,750.00 on a single sale.

Education is one of the most lucrative industries in the world and you can take advantage of the earning potential presented here.

What would one commission $10,750.00 per month mean to you in your life? What would two mean?

1 person x $10,750. x 12 months = $129,000.00

2 people x $10,750. x 12 months = $258,000.00

No overhead, no employees, no stress. You are in charge of your success and you get to keep 100% of the commission.

For more information on how you can learn how to invest in real estate or how you can become a college recruiter for our real estate investment college, call me at 1-888-217-5791 or email me at simplehbb@gmail.com.

We need both investors and college recruiters now. Maximize on two ways of making money in the real estate investing education industry. Call now!

What to Expect When Facing Foreclosure

Most people don't understand what to expect when they're facing foreclosure. They don't know how long they have before the bank is going to seize their home. Each state has their own specific timeline, but all foreclosures go through the same steps.

The following foreclosure timeline shows, step-by-step, what happens during the foreclosure process.

The first step in foreclosure is obviously missed payments. Usually, before the bank does anything, one must be late at least one to two months. After you've been late on your mortgage payment about two months, you move into delinquent status.

During delinquent status, you have the ability to reinstate your loan. You can call the bank and ask for a forebearance plan. The bank will arrange a payment plan to catch up your late payments. Usually they divide up the total amount in delinquency and spread it over a period of two to three months. If you owe $2,000.00 in late payments, the bank will divide $2,000.00 by three months, totalling about $666.00. The bank will then arrange for you to pay your monthly mortgage payment of $1000.00 plus $666.00, equaling $1666.00 that you will be required to pay for three months while you're catching up your loan.

If you can't pay the arrangement set forth by the bank and you continue to be late, the bank will send you a "Notice of Default" letter which begins the foreclosure process. Usually, when a Notice of Default (NOD) is issued through certified mail, you have been behind at least three months. Depending on the size of your home mortgage will really depend on when the bank will send out the letter. Standard procedure is generally three months though.

Once a Notice of Default is issued, you have, depending on which state you're in, approximately 21 days all the way up to about 180 days before the bank will take the house to auction (judicial state) or trustees sale (non-judicial state).

During this time, in order to take your home out of foreclosure, you must pay back, in full, the entire delinquent amount, plus show the bank you are able to continue paying your mortgage.

After the home has been taken to auction/trustee's sale, some states offer a redemption period in which you, the homeowner, can buy back your home from the bank - must be in full. If you don't redeem your home, then the bank will move into a bank owned property which is called an REO (Real Estate Owned).

The home no longer belongs to you, regardless of the amount of equity you have in your home, it now belongs to the bank. They have the right to market your home for full market value. (In some cases, you might be able to receive a portion of or all of the proceeds from the sale if the bank sold your house for more than your mortgage amount).

Check with a foreclosure attorney to find out the exact amount of dates your state allows for the pre-foreclosure period and redemption period. In Texas, once a notice of default has been filed, the home will go to auction in 21 days. In Utah, it's 111 days.

Education in Real Estate Investing is Key.

Before you go out and try your hand at Real Estate Investing, get Educated!

Would a heart surgeon jump in and perform his first surgery without the proper education? No! Would you hire just anyone who claims to be a lawyer to stand up for you in court without education? No. What about hiring your neighbor with no expertise in accounting to file your taxes and keep track of your financials? No! Just as doctors, lawyers and accountants need education, so does a real estate investor.

So many mistakes can happen and a lot of money can be lost without the proper knowledge. By obtaining education, you're spreading your risk. Having the right education and the right people on your investment team will prevent major damaging problems. Instead of losing money, you'll make money!

Simply put, Get Educated!

We are apart of a real estate investment community that trains and educates regular people, just like you and me, how to invest in over 37 different strategies. We have 20 practitioners who teach our college courses. These practicing real estate investors are still investing today. They live for their chosen niche in the real estate investing arena.

If you've always wanted to get involved in real estate investing but you never knew how to get started, where to get education, where to find help or who to call, we have the answer for you.

Most people don't get involved in real estate investing because of three things: Education, Money, Time. We can help solve all three of those for you.

We provide the education needed to be successful. We provide another facet for producing income. And, both our education and our income opportunity will create time freedom for you.

To learn about our real estate investing college and how to make additional income, Call 1-888-217-5791 or e-mail us at simplehbb@gmail.com