Midway Real Estate

There have been a record number of foreclosures over the last few years. The main reasons for them have been a combination of the bursting of the housing market bubble and the loss of jobs in the poor economy. The result is that many homeowners feel themselves squeezed from both ends-through no fault of their own, hundreds of thousands of people find themselves living in houses that are worth less than they owe, and they’ve either lost their jobs or been forced to take pay cuts, with the result that they fall behind on their house payments.

There are four methods of foreclosure. 1. Strict foreclosure, where the financial institution automatically takes ownership of the property when the borrower defaults. These are less common than the other methods described. 2. Judicial foreclosure, where the court decides who gets title to the property and decides what happens to it, such as selling it or allowing the bank to take possession. This is the most common type of foreclosure method. 3. Foreclosure by power of sale, which can occur if the mortgage document allows it. 4. Foreclosure through deed in lieu, where the homeowner conveys their title to the property back to the financial institution and “walks away” from the property.

If you are someone who sees opportunity where others see problems, then learning how to buy and profit from foreclosures may be for you.

Complete Idiot's Guide to Buying Foreclosures
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One person's loss is another person's gain. This invaluable guide explains everything readers need to know about finding and financing foreclosed and soon-to-be foreclosed residential properties with the highest potential return. Completely updated, this new edition reflects recent changes in the way banks and the government dispose of foreclosed properties, covers new laws, and advises how to steer clear of scams. • First edition sold more than 30,000 copies in a year and a half • The national residential foreclosure rate rose to from .75% to 1.16% (of all mortgages) by the end of 2006-the biggest jump in 30 years • Foreclosures are expected to continue to increase as interest rates rise and monthly payments on short-term variable rate and interest-only loans make homes unaffordable
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