Financing foreclosures is the part of this business that people are worried about most.Foreclosure numbers are growing daily. Of the one hundred twenty or so million homes in America, more than 4% or roughly 4.8 million of them are facing foreclosure. Some of these homeowners are able to work their way out of foreclosure, however, according to MBA there were about 500,000 homes that went through foreclosure last year.
Foreclosure threatens these homeowners because they are late or seriously behind on their mortgage payments. Most people automatically assume that you have to have money to invest in foreclosures, which is what keeps them from investing. You will be happy to learn that you don’t have to have money to start investing. Obviously everyone is in a different financial situation, so not every technique we share with you will work. You just need to find one that works for you and go with it. Even those with bad credit, no money, or no job may capitalize on foreclosure opportunities. In fact, financing foreclosures is the easier part when it comes to buying foreclosures, finding them can be the biggest challenge, unless you know where to look. These are all great techniques which we discuss more in depth in our best selling foreclosure ebook.
The following are 10 techniques used in financing foreclosures.
Technique No. 1 Assume Seller’s Obligations
Technique No. 2 Borrow Against Life Insurance Policy
Technique No. 3 Use Small Amounts of Money From Different Banks
Technique No. 4 Home Improvement Loans
Technique No. 5 Home Equity Loans
Technique No. 6 VA Loans
Technique No. 7 Find a partner
Technique No. 8 Hard Money Lenders
Technique No. 9 Use Banks and other lending institutions
Technique No. 10 Take over “Subject To” existing financing
Home warranties and homeowners insurance are not the same. Homeowners insurance offers coverage for your home in the case of major events such as a fire or natural disaster. A home warranty company, such as Elite Home Warranty , offers something completely different. Home warranties help customers pay for and schedule repairs and replacements for major appliances and systems. One is not better than the other. Having both will ensure your home is well protected from damages