Tuesday, January 8, 2008

Record State Pre-foreclosures

The leading short sale and pre-foreclosure expert Nation wide is Jeff Kaller. His students have really done well in our Michigan Market. If they do well in Michigan depress real estate market you know Jeff Kaller is doing a great job of teaching the short sale business. This is one of his articles for your reading. You can find great value from his workshops and his free reports and CD’s:
http://www.ShortSaleBreakthrough.com Real Estate Discount Breakthrough - How Short Sales Can Make You Rich
http://www.FreeRealEstateMentoring.com What the Gurus Won't Tell You. Real Estate Investing - Free Report
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
Record State Pre-foreclosures
By: Jeff Kaller Republished by Ralph Marcus Maupin (Mark)

“It's a difficult situation, many overextended homeowners not in default yet won't be able to refinance because of ever stringent credit requirements and will eventually lose their homes to foreclosure unless they are prepared with more options" stated Jeff Kaller Preforeclosure professional and investor.
Recognizing that preforeclosure filings indicate homeowners are in default on their mortgages and may include notice of default or notice of auction. National figures indicate that Florida recorded 111,236 year-to-date pre-foreclosures, second only to California's 132,101. Only Nevada had a higher rate of preforeclosures: 25.5 filings for every 1,000 households. Colorado, Illinois and New Jersey rounded out the top five states.
Preforeclosure filings do not necessarily result in homes being lost.

State Residence can make a difference
“With foreclosures spiking around the nation, homeowners should learn the foreclosure laws in their states, truly in this case what you don't know can actually harm you,” states Kaller, “In Alabama, late-paying homeowners can lose their properties to foreclosure in record time - as little as 30 days after a delinquency notice is published.” However, in the state of New York, the process can drag on for well more than a year.
States with long time frames include Florida at 180 days.
Kaller points out that labor force growth and business expansion should be weighed against the real estate market conditions.

Preforeclosures and Terms

One major point is whether the principle instrument securing the loan is a conventional mortgage or a "deed of trust." Kaller indicates that they are not the same even though everybody uses the term "mortgage" interchangeably. “Deeds of trust are the more common of the two, used in 34 states either mostly or exclusively,” says Kaller.
Mortgages involve two parties, borrowers and lenders, while deeds of trust have third parties, called trustees, who hold temporary title to the properties until borrowers pay off their loans.
That difference can be crucial when a borrower falls behind in payments. With deeds of trust, the trustees don't have to go to court to initiate a foreclosure; with a mortgage, the lender almost always does, which slows down the process.
In states where deeds of trust are an option, lenders almost always choose them over mortgages, because they are "non-judicial" - and quick.
According to Jeff Kaller, Mr. PreForeclosure, provides investors with step-by-step instruction needed to make a fortune in Pre-Foreclosures. He is a professional lecturer and author of "Preforeclosure and Short Sales" Home Study Course. Jeff holds several national conferences nation wide every year.

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