Foreclosure action is important to learn it is the ground of death and life, the path of survival and destruction, so it is imperative to examine it.
The knowledge of it is an advantage
gain the advantage and you live, lose the advatage and you die.
Join us to educate yourself.
In the early 80's I started studying then applying the learned knowledge about making money in foreclosure. I started off making thousand and then tens of thousand of dollars in foreclosure.
how?
The homeowner did not know the foreclosure process, so as an investor I keep them in the dark about the foreclosure process. I can not say that it was fun, but I did make money, lots of it.
Now I am saved in christ. So it is my duty to help stop this form of oppression. So with that in mind, we must educate ourself to insur our American dream (homeownership). All the pages in this web-site are truth, man can take every thing from us but wisdom, so study this; copy them and keep them in a safe place.
GOD BLESS YOU
Dr, Curtis L Ross Jr.
First, the simplest way to avoid a foreclosure is to never go into default. This may sound obvious, but it is not. If you know you won't be able to make your next mortgage payment on time, there are things you can do. It is a good idea to call the bank president and let him or her know you have a problem. This is just to inform him or her that you are concerned about your inability to pay on time. Sitting back and ignoring the situation could show a lack of good faith on your part.
The pre-foreclosure period is a maze of first,second and final notices, then letters from the attorney.
Finally there is a nice call from one of the banks officers to ask if you are having problems.
OPTIONS OPEN TO THE LENDER AND THE HOMEOWNER IN THE EVENT OF A DEFAULT ON A MORTGAGE
- The lender agrees to wait for the payment or payments.
- The lender advances funds on a secondary loan to cover the back payments.
- The homeowner adds additional security, the loan is extended into a blanket mortgage, this will give the lender more security to advance monies to solve this mess.
- Seek secondary financing from another lender.
- A deed in lieu of foreclosure (often called a voluntary deed) is granted by the homeowner to the lender and the debt is satisfied.
- The homeowner can ask the lender to redo the mortgage.
- RECASTING A MORTGAGE.
- The act of reconstructing an existing mortgage by increasing or decreasing its amount; interest rate or length of time.
This technique is held as confidential information by most lenders. A homeowner can use this method to stop the legal process of foreclosure. Apply the above technique (option #6) when the bank is called by the homeowner in the early stage of foreclosure.
It is recommended that all homeowners have some knowledge about foreclosure. If you do not get it here get it from some other place.
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