Foreclosure investment refers to the process of investing capital in the public sale of a mortgaged property following foreclosure of the loan secured by that property.
Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a 'mortgage' or 'deed of trust'. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that 'the lender has foreclosed its mortgage or lien.'
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Alternatives to Foreclosure Deed In Lieu of Foreclosure
A Deed In Lieu of Foreclosure is an option if you do not qualify for any of the other alternatives and you do not have additional liens against your property. To avoid foreclosure you may be able to deed the property directly to the lender.
If you are unable to make a loan payment on your loan, you may qualify for a Forbearance Agreement. This is a formal repayment plan which if approved by our client will stay any pending foreclosure while payments are being made.
If your loan is past due for one, two, or three payments because of a temporary financial setback, you may qualify for a Repayment Plan. You must be able to make the monthly loan payment and pay an additional amount towards the past due amount each month until the loan is brought current.
If you are unable to pay your past due loan payments, but you can meet your monthly obligations, our client may be able to make a Loan Modification by adding the delinquent escrow payments to your loan balance to bring your loan current. Your current mortgage interest rate must be within market guidelines. If you have any additional liens against your property, the lien holders must be willing to subordinate their interest to the new loan amount.
If you wish to sell your property, but the net proceeds from the sale is not enough to pay off your loan and you cannot afford to pay the shortage; the investor may allow you to sell your property without paying the entire amount due.
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