Short-Sale Pre-Foreclosure Investing PDF Free Download

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Short-Sale Pre-Foreclosure Investing-Dwan Bent-Twyford 2011-01-11 Learn all about short-sales, the hottest topic in today’s real estate investing market, with Short-Sale Pre-Foreclosure Investing: How to Buy 'No-Equity' Properties Directly from the Bank - at Huge Discounts. Understand how to buy properties at big discounts, creating windfall. This Multi-Family is located at Prospect Ave, Buffalo, NY 14213. It has 7 Beds, 3 Baths, 3,476 sqft of living space. This property is currently in pre-foreclosure with an estimated market value of $135,150. Save money on this property now.

By Eric Tyson and Robert S. Griswold Real Estate Investing FOR DUMmIES‰ 2ND EDITION. Jun 05, 2007 Foreclosure Investing For Dummies shows you how to invest in foreclosures ethically without being accused of stealing homes from “little old ladies.” When you approach the process in a fair-minded way, presenting homeowners with various options and offering a reasonable price for their home, you can walk away with your integrity intact.

By Ralph R. Roberts, with Joe Kraynak

The bursting housing bubble and rising default rates on mortgage loans have sparked an upsurge in the number of foreclosures across the country. Now is the time to invest! But when it comes to investing in foreclosure properties, both savvy real estate investors and average folks want to know how to make smart and informed choices. If you’re looking for expert advice and tips to become a more successful investor, the newly-published, first edition of Foreclosure Investing For Dummies by Ralph R. Roberts and Joe Kraynak (authors of the highly successful Flipping Houses For Dummies) is for you.

Foreclosure Investing For Dummies covers all aspects of investing in foreclosure properties — from working with distressed homeowners in preforeclosure, identifying and bidding on potential properties, assessing value, and working with lending institutions, to financing options, teaming up with real estate agents, and networking in your neighborhood to discover the best deals. In short, this book is for everyone looking to make smart choices, minimize risk, and maximize profits when investing in foreclosure properties.

This no-nonsense guide gives you the start-to-finish scoop on:

  • Jumping in early during the pre-foreclosure stage
  • Researching property titles, mortgages and deeds
  • Inspecting the property inside and out
  • Building a strong investment team
  • Obtaining financing
  • Networking your way to success
  • Avoiding common pitfalls
  • Investing with integrity

Foreclosure Investing For Dummies shows you how to thoroughly research and inspect properties and create a “dossier” for each property, so that before you talk with homeowners facing foreclosure or bid on a property at auction, you have a clear idea of the property’s true market value and any problems with the property or its records. The dossier also enables you to track the property during the foreclosure process, so you remain aware of any issues that arise as the foreclosure progresses.

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Like all For Dummies®books, Foreclosure Investing For Dummies concludes with the “Part of Tens,” including “Ten Common Beginner Blunders,” like overestimating a property’s value, overbidding in the heat of the battle, and trusting what the homeowners tell you; and “Ten Tips for Avoiding Common Foreclosure Minefields,” such as anticipating delays and inspecting the property with your own eyes. The always helpful “Cheat Sheet” provides a pre-flight checklist and lists of how to invest in pre-foreclosures and buy properties at foreclosure auctions, and the appendix brings you up to speed on foreclosure rules and regulations in all 50 states.

Where to Buy

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Short Sale Pre-foreclosure Investing Pdf Free Download Windows 10


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Overview
With the housing bubble of the past few years bursting and interest rates on the rise, there has been an upsurge in the number of foreclosures across the country, creating many opportunities for profit. But investing in real estate foreclosure[s?] can be a tough job, especially when a negative stigma is attached. How do you make money while preserving your morals and trust?

Foreclosure Investing For Dummies shows you how to invest in foreclosures ethically without being accused of stealing homes from 'little old ladies.' This step-by-step guide helps you thoroughly research property, find the best opportunities, purchase foreclosures, and avoid misleading distressed homeowners. This book doesn't promise quick profits through minimal work, but it will provide you with invaluable information to become a successful investor, including:

Foreclosure Investing For Dummies& #174 Pdf Free Download 2017

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  • Identifying opportunities and understanding risks
  • Obtaining information, tools, support, and resources
  • Locating properties prior to foreclosure
  • Assisting homeowners through the foreclosure process
  • Acquiring properties below market value prior to the auction
  • Buying property at an auction, from lending institutions, and government agencies
  • Repairing, renovating, and selling or leasing property

Foreclosure Investing

This book provides tips and strategies for refinancing your property and maximizing your profits. It also gives you advice on how to assist homeowners, have them work with you, and common mistakes you should avoid. It's time to go out and make the most of foreclosure investing, and with Foreclosure Investing For Dummies by your side, your hard work and devotion will bring tons of success!

Foreclosure Investing For Dummies& #174 Pdf Free Download Pdf

Introduction

This topic contains information on the waiting periods for significant derogatory credit events, including:

General Information

The presence of significant derogatory credit events dramatically increases the likelihood of a future default and represents a significantly higher level of default risk. Examples of significant derogatory credit events include bankruptcies, foreclosures, deeds-in-lieu of foreclosure, preforeclosure sales, short sales, and charge-offs of mortgage accounts.

Note: The terms “preforeclosure sale” and “short sale” are used interchangeably in this Guide and have the same meaning (see Deed-in-Lieu of Foreclosure, Preforeclosure Sale, and Charge-Off of a Mortgage Account below).

The lender must determine the cause and significance of the derogatory information, verify that sufficient time has elapsed since the date of the last derogatory information, and confirm that the borrower has re-established an acceptable credit history. The lender must make the final decision about the acceptability of a borrower’s credit history when significant derogatory credit information exists.

This topic describes the amount of time that must elapse (the “waiting period”) after a significant derogatory credit event before the borrower is eligible for a new loan salable to Fannie Mae. The waiting period commences on the completion, discharge, or dismissal date (as applicable) of the derogatory credit event and ends on the disbursement date of the new loan for manually underwritten loans. See B3-5.3-09, DU Credit Report Analysis, for additional information pertaining to DU loan casefiles, including how the waiting period is determined. Also see B3-5.3-08, Extenuating Circumstances for Derogatory Credit, for additional information.

Note: The requirements pertaining to significant derogatory credit are not applicable to high LTV refinance loans. (See B5-7-02, High LTV Refinance Underwriting, Documentation, and Collateral Requirements for the New Loan.)

Identification of Significant Derogatory Credit Events in the Credit Report

Lenders must review the credit report and the Declarations in the loan application to identify instances of significant derogatory credit events. Lenders must review the public records section of the credit report and all tradelines, including mortgage accounts (first liens, second liens, home improvement loans, HELOCs, and manufactured home loans), to identify previous foreclosures, deeds-in-lieu, preforeclosure sales, charge-offs of mortgage accounts, and bankruptcies. Lenders must carefully review the current status of each tradeline, manner of payment codes, and remarks to identify these types of significant derogatory credit events. Remarks Codes are descriptive text or codes that appear on a tradeline, such as “Foreclosure,” “Forfeit deed-in-lieu of foreclosure,” and “Settled for less than full balance.”

Significant derogatory credit events may not be accurately reported or consistently reported in the same manner by all creditors or credit reporting agencies. If not clearly identified in the credit report, the lender must obtain copies of appropriate documentation. The documentation must establish the completion date of a previous foreclosure, deed-in-lieu or preforeclosure sale, or date of the charge-off of a mortgage account; confirm the bankruptcy discharge or dismissal date; and identify debts that were not satisfied by the bankruptcy. Debts that were not satisfied by a bankruptcy must be paid off or have an acceptable, established repayment schedule.

Note: Timeshare accounts are considered installment loans and are not subject to the waiting periods described below.

Bankruptcy (Chapter 7 or Chapter 11)

A four-year waiting period is required, measured from the discharge or dismissal date of the bankruptcy action.

Exceptions for Extenuating Circumstances

A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.

Pre-foreclosure

Bankruptcy (Chapter 13)

A distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed. The waiting period required for Chapter 13 bankruptcy actions is measured as follows:

  • two years from the discharge date, or

  • four years from the dismissal date.

The shorter waiting period based on the discharge date recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan and subsequent discharge. A borrower who was unable to complete the Chapter 13 plan and received a dismissal will be held to a four-year waiting period.

Exceptions for Extenuating Circumstances

Free

A two-year waiting period is permitted after a Chapter 13 dismissal, if extenuating circumstances can be documented. There are no exceptions permitted to the two-year waiting period after a Chapter 13 discharge.

Multiple Bankruptcy Filings

For a borrower with more than one bankruptcy filing within the past seven years, a five-year waiting period is required, measured from the most recent dismissal or discharge date.

Note: The presence of multiple bankruptcies in the borrower’s credit history is evidence of significant derogatory credit and increases the likelihood of future default. Two or more borrowers with individual bankruptcies are not cumulative, and do not constitute multiple bankruptcies. For example, if the borrower has one bankruptcy and the co-borrower has one bankruptcy this is not considered a multiple bankruptcy.

Exceptions for Extenuating Circumstances

A three-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the most recent bankruptcy discharge or dismissal date. The most recent bankruptcy filing must have been the result of extenuating circumstances.

Foreclosure

A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.

Exceptions for Extenuating Circumstances

A three-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the completion date of the foreclosure action. Additional requirements apply between three and seven years, which include:

  • Maximum LTV, CLTV, or HCLTV ratios of the lesser of 90% or the maximum LTV, CLTV, or HCLTV ratios for the transaction per the Eligibility Matrix.

  • The purchase of a principal residence is permitted.

  • Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time.

Note: The purchase of second homes or investment properties and cash-out refinances (any occupancy type) are not permitted until a seven-year waiting period has elapsed.

Foreclosure and Bankruptcy on the Same Mortgage

If a mortgage debt was discharged through a bankruptcy, the bankruptcy waiting periods may be applied if the lender obtains the appropriate documentation to verify that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied.

Deed-in-Lieu of Foreclosure, Preforeclosure Sale, and Charge-Off of a Mortgage Account

These transaction types are completed as alternatives to foreclosure.

Short-Sale Pre-Foreclosure Investing PDF Free Download Books

  • A deed-in-lieu of foreclosure is a transaction in which the deed to the real property is transferred back to the servicer. These are typically identified on the credit report through Remarks Codes such as “Forfeit deed-in-lieu of foreclosure.”

  • A preforeclosure sale or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer. These are typically identified on the credit report through Remarks Codes such as “Settled for less than full balance.”

  • A charge-off of a mortgage account occurs when a creditor has determined that there is little (or no) likelihood that the mortgage debt will be collected. A charge-off is typically reported after an account reaches a certain delinquency status, and is identified on the credit report with a manner of payment (MOP) code of “9.”

A four-year waiting period is required from the completion date of the deed-in-lieu of foreclosure, preforeclosure sale, or charge-off as reported on the credit report or other documents provided by the borrower.

Exceptions for Extenuating Circumstances

A two-year waiting period is permitted if extenuating circumstances can be documented.

Note: Deeds-in-lieu and preforeclosure sales may not be accurately or consistently reported in the same manner by all creditors or credit reporting agencies. See Identification of Significant Derogatory Credit Events in the Credit Report above for additional information.

Short-Sale Pre-Foreclosure Investing PDF Free Download

Summary — All Waiting Period Requirements

The following table summarizes the waiting period requirements for all significant derogatory credit events.

Derogatory EventWaiting Period RequirementsWaiting Period with Extenuating Circumstances
Bankruptcy — Chapter 7 or 114 years2 years
Bankruptcy — Chapter 13
  • 2 years from discharge date

  • 4 years from dismissal date

  • 2 years from discharge date

  • 2 years from dismissal date

Multiple Bankruptcy Filings5 years if more than one filing within the past 7 years3 years from the most recent discharge or dismissal date
Foreclosure17 years3 years

Additional requirements after 3 years up to 7 years:

  • 90% maximum LTV ratios2

  • Purchase, principal residence

  • Limited cash-out refinance, all occupancy types

Deed-in-Lieu of Foreclosure, Preforeclosure Sale, or Charge-Off of Mortgage Account4 years2 years

Requirements for Re-establishing Credit

After a bankruptcy, foreclosure, deed-in-lieu of foreclosure, preforeclosure sale, or charge-off of a mortgage account, the borrower’s credit will be considered re-established if all of the following are met:

  • The waiting period and the related additional requirements are met.

  • The loan receives a recommendation from DU that is acceptable for delivery to Fannie Mae or, if manually underwritten, meets the minimum credit score requirements based on the parameters of the loan and the established eligibility requirements.

  • The borrower has traditional credit as outlined in Section B3–5.3, Traditional Credit History. Nontraditional credit or “thin files” are not acceptable.

1

When both a bankruptcy and foreclosure are disclosed on the loan application, or when both appear on the credit report, the lender may apply the bankruptcy waiting period if the lender obtains the appropriate documentation to verify that the mortgage loan in question was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting period must be applied.

2

References to LTV ratios include LTV, CLTV, and HCLTV ratios. The maximum LTV ratios permitted are the lesser of the LTV ratios in this table or the maximum LTV ratios for the transaction per the Eligibility Matrix.