Bank Foreclosure, Pre-foreclosure, and Mortgage Notes

Bank Foreclosure Properties

Foreclosure time line!
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The Foreclosure process time line

This is a general description of the foreclosure process. I am not an attorney or an expert in this field by any means and you should always consult an attorney for your state to determine if this process is the same for you. Bankruptcies and other factors can delay this process for long periods of time in some states.

Day 1	1st missed monthly payment
Day 30	2nd missed monthly payment
Day 60	3rd missed monthly payment
Day 70	Notice of Default: The notice of default alerts the homeowner that they are about to go into foreclosure. They need to come up with the back payments within 30 days or foreclosure proceedings will begin. If they don’t make the payments the process below begins.
Day 100	Notice of Foreclosure and Notice of Trustee’s Sale: These documents are filed as a result of the payer not making up the back payments. These notices have a dual purpose. First, the Notice of Foreclosure alerts the payer that they are now in foreclosure. An itemized list of all the missing payments, attorney’s fees, and other charges that are due are listed on this. Second, the Notice of Trustees Sale is a recorded notice that states where and when the house will be sold. Before it is sold it must be advertised.
Day 160	The Notice of Trustees Sale is published once in a legal newspaper.
Day 180	Loan Accelerates: On the 11th day before the auction, the homeowner can still make up the back payments and other fees that are involved thus effectively saving their house from foreclosure auction. This is referred to as reinstatement of the loan.
Day 181	Loan Acceleration: On the 10th day before the auction, the homeowner may have to pay all the back payments and fees, plus the entire amount still owed on the loan. This is called Loan Acceleration. If this is not paid before the auction the home would be sold to the highest bidder.
Day 183	Second Ad is published: The Notice of Trustee’s Sale has to be published in a legal newspaper between the 7th and 14th day before the auction.
Day 190	Trustee’s sale: The bidding for the property, at the foreclosure auction, will normally start for the amount of the principal remaining balance on the loan plus all back payments and fees and any other liens on the property. If the bidding does not meet your minimum bid you set then you get the property and can do with it as you wish.

Bank foreclosure listings

Are you a real estate investor looking to buy bank pre-foreclosure or short sale properties at discount? I may be able to help you with finding the type of properties you are looking for. I deal with a few banks that sell their non-performing mortgages at a discount in order to get losses off the books and save the time and expenses of foreclosing themselves

You may be looking for a single foreclosure property or maybe you are interested in buying a portfolio of non-performing mortgage notes. I would like to talk with you and see if I can help you find what you are looking for.

I receive pre-foreclosure mortgage notes from banks that sell at discount. Some of these deals have potential to make good investments, either as a mortgage note sale or by taking the home through foreclosure. I provide free bank foreclosure listings for serious buyer. Here is a short breakdown of some ways you can make money with bank foreclosures.

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3 Ways you could make money when buying a bank pre-foreclosure:·

Work with payer to restructure the contract, thus making it perform. This will give you a good return for your money. You could keep this monthly cash flow or sell it to an investor after it has been performing for a year or so. You should receive a better price than when you bought it since a performing mortgage note is less risqué to the investor. Plus you received a years worth of payments.·
Finish the foreclosure and let the home sell for the principal amount, arrearages, and fees involved to you. You make the difference between the price you paid plus expenses and the amount of the sale. This is assuming you can get the full amount. You may still be able to sell for less and make a good yield. Let’s say you bought the 100,000 mortgage note for 70k and for the sake of argument you have another 5k in fees, that’s 75k total. You decide to let the home sell for 90k at the foreclosure auction rather than take the home to resell on the open market, although it is valued at 100k. You make 15k for 6 months, that’s a yield of 37.02! (rate of return)·
Take the home in foreclosure by bidding higher than anyone else, or if the bidding does not reach the minimum bid set. You most likely will have to figure putting out some money in rehab construction costs. If done right the work would increase the value of the home and help to recoup your expenses. Using the above numbers, you take the home in foreclosure and with 10k in upgrades the home is now worth a conservative 115,000.

Costs	Time
Note: 75,000	N/A
Foreclosure costs: 5,000	6 months +/-
Construction upgrades: 10,000	1 month +/-
Realtor: 6,500	3 months +/-
Total: 96,500	10 months

If the home sells for 110,000 your yield would be 27.538%. Obviously in this situation you would want the home to sell at foreclosure, but this is not always possible and must be considered.

These are examples only and there are risks when buying foreclosures and every deal must be investigated on an individual basis. As with all investments there are always risks involved. This is why using an attorney and doing extensive due diligence in the investigative process is so important.

International loans

Bank Foreclosures

Do you sell your non-performing mortgages in bulk or as singles? I have an extensive network of investors that I deal with all over the country. I can move portfolios of non-performing and performing mortgage up to 300 million. I have small to mid level investors that will buy notes individually or large institutional investors that will buy in bulk. I would like to talk with you to see if we can build a lasting relationship. I promise not to waste your time and if I can not move your pre-foreclosure paper for any reason I will let you know. I am currently working with other banks helping them to sell their non-performing mortgages. Why don’t you let me help you sell your pre-foreclosure mortgages too?

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Email me: vsellers@realcash4notes.com

Call me: 717-865-0824
M-F 10 am to 8 pm, Saturday’s 12-5 EST

Bank foreclosure property…

Bank Foreclosure Properties

The Foreclosure process time line

Bank foreclosure listings

Bank Foreclosures