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Thumbnail image for Will the IRS let me use my IRA retirement money to help buy a foreclosure property?
By January 16, 2013

Short Sale Blog: You must be a first-time home buyer, but the IRS has a very liberal definition of first-time home buyer. Generally speaking, first-time home buyers can withdraw up to $10 000 from their Individual Retirement Arrangements (IRA) or Roth IRA accounts, penalty-free, in order to pay qualified home ...

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Thumbnail image for How can I separate myth from reality when I learn about foreclosure investing from other sources?
By January 14, 2013

Short Sale Blog: My overall rule of thumb is: “If it sounds too good to be true, it usually is unless I can personally confirm otherwise.” Aside from that general advice, here are a Few of the more common foreclosure myths, and the truth of the situations: • Myth: You ...

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Thumbnail image for How does title insurance protect me, and when should I buy it?
By January 11, 2013

Title insurance companies will guarantee that you have good title to your real estate, subject to no other claims. If someone else claims to own some interest in the property, the insurance company will either pay the legal fees to contest that claim, or it will pay off the claimant. ...

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Thumbnail image for What do I need to know about the different types of property I might invest in to further minimize my risk?
By January 10, 2013

While nothing is guaranteed, here is some information you should know about the different types of foreclosure properties you might purchase. Single-family residential rental property. Single-family residential homes are easier to sell to another investor, especially if you have a good tenant in place with a lot of time left ...

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Thumbnail image for What motivates other lienholders in the foreclosure process?
By January 6, 2013

Other lienholders should be separated into two categories: senior lienholders and junior lienholders. These descriptions are always made relative to the loan being foreclosed. The IRS might be a junior lien-holder in relation to a first mortgage being foreclosed, because the IRS lien was filed after the mortgage. On the ...

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Thumbnail image for What motivates the mortgage insurance company during the foreclosure process?
By January 5, 2013

Private mortgage insurance (PMI) companies become involved when a borrower needs a loan larger than 80% of the value of his or her real estate. If neither FHA insurance nor VA guarantees are available, PMI comes into play. The PMI companies write policies that protect lenders from the consequences of ...

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Thumbnail image for What motivates the servicing company during the foreclosure process?
By January 3, 2013

The servicing company earns money by efficiently servicing loans, preferably by continuing to service the ones already in its portfolio. Foreclosures are not good for the company, nor is it good for a buyer to pay off the defaulted loan and obtain financing elsewhere. It would be in the servicing ...

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Thumbnail image for What motivates the lender during the foreclosure process?
By January 2, 2013

Short Sale Blog: First, we are using the term lender generically in this case to mean the owner of the promissory note secured by the real estate in danger of foreclosure. It might not actually be the original lender. In fact, it will rarely be the original lender. Second, this ...

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