What is a HUD Home?

A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Who can buy a HUD Home?

Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

Could lower rates slow the amount of Pre-Foreclosures?

Even with rates are at historic lows in December, is it enough to stop or even slow down the amount of pre-foreclosures in the United States? Most consumers have seen the headlines but is it really a good time to refinance or even buy a home? The answer is it depends on the situation. The Fed has agreed to buy up $600 billion of MBS (Mortgage Backed Securities) causing lending rates to drop dramatically but not everyone is refinancing.

If you have equity in your home and your rate is above 5% like 90% of all Americans, then you should be looking into refinancing now when rates are at a 50-year low. There is no telling how long rates will remain low so you need to act now. The problem is that mortgage companies are operating on skeleton crews due to deep lay-offs over the past year. It is important to visit a lender and at least fill out the application to begin the process.

... (read the full entry)

Paulson’s New Housing Money may Slow Down Pre-foreclosures

More liquidity will be used to help slow down pre-foreclosures and foreclosures. Tuesday morning, Secretary of Treasury, Henry Paulson, announced another $600-$800 billion dollars would be put into the economy. He remarked that the Federal Reserve will use most of this money to buy MBS (mortgage backed securities) and other mortgage related debt from banks and other lenders.

The idea is that by having the government back these MBS, interest rates will drop making it less expensive to get a mortgage. The government is focused on making it easier to refinance or modify an existing mortgage as well as buying a new home. Interest rates fluctuated this year on a 30-year fixed mortgage from as low 5.58% to more recently 6.80%. After Paulson’s announcement yesterday, rates dropped to 4.75%.

... (read the full entry)

How do you find short sales?

There are several ways to find short sales. You can advertise that you are an investor looking for homeowners that trying to get rid of their homes fast. You can use your local newspaper and place ads that you are looking to help someone avoid an imminent foreclosure on their property. You can post flyers and signs up in your desired area that you are looking for a house to buy.

You can also get referrals from local real estate agents or real estate attorneys that know distressed property owners or where to find them. You need to get in touch with these people ahead of time to let them know what you can do and what you re looking for. Stop by one of their offices in person, let them meet you and know you are serious about looking for and buying a financially distressed home. ... (read the full entry)

Pre-Foreclosures Can Be a Windfall for Smart Buyers

The amount of pre-foreclosures and foreclosures will continue to increase over the next year as home owners struggle to make adjustable mortgage payments. Although, we have already seen the greatest drop in prices in terms of a percentage from 2 years ago, many analysts feel a bottom will not be hit until mid 2009. There are many signs to backup this theory. ... (read the full entry)

Pre-Foreclosures offer Attractive Pricing

Pre-foreclosures are properties that are in the final stages before repossession or are about to be taken back by the lender or bank. While the owner is still in control of the property, the bank or lender can repossess the home if the owner doesn’t attempt to rectify the situation. If the owner does resume their payments and get current, the pre foreclosure will settle and there will be no further action. ... (read the full entry)

Pre-Foreclosures

There are numerous opportunities for investors in the current housing market. If you understand the process and are willing to act, the mortgage foreclosure process can yield huge dividends. In order to capitalize on this opportunity, you must compare the risks and rewards. One way to do this is by buying pre-foreclosures. ... (read the full entry)

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