Foreclosure Facts

Foreclosures

According to the Merriam-Webster dictionary foreclosure is defined as a legal proceeding that bars or extinguishes a mortgagor's right of redeeming a mortgaged estate.This proceeding is obviously no fun for the person who is going through it, However there are upsides to going through a foreclosure ranging from saving money to providing the atmosphere of a new beginning,none the less it still is obviously no fun.


Why so many foreclosures?

There are many different reasons for the massive foreclosures across the country, However there is none more convincing than fraudulent acts perpetuated by crooked loan officers,and naive would be home owners excited with the thought of actually owning a home.The would be home owners are duped into a adjustable rate with a teaser for the first couple of years then "boom" it goes up making the mortgage unbearable for the homeowner.



Can you make money purchasing homes that have been foreclosed?

Absolutely there is a great deal of profit in shopping for property that has been foreclosed on and is now owned by the bank. The bank is usually eager to get rid of the property,and will sell the property below market value making the purchase profitable for someone in a position to buy the property.there of course are difficulties that can arise when making such a purchase some homes that go in to foreclosure are damaged before the home is vacated making it a headache for the person who purchases the property, however with that being said if you have the money and the resources you can easily flip the purchase for an immediate profit