Preventing Foreclosure

After the Foreclosure Hearing in which the Clerk of Superior Court approves the sale of the property being foreclosed, the Trustee will hold a Foreclosure Sale at the county courthouse in which the property is located.  At the Foreclosure Sale the Trustee invites offers to buy the property from those in attendance and then accepts the highest bid.  The highest bidder is bound by his offer the moment it is accepted. 

After the Foreclosure Sale, there is a 10 day upset bid period in which another bidder may submit an upset bid that is higher than the reported sale price.  An upset bid must be at least 5% and a minimum of $750.00 higher than the previously reported sale price.  When an upset bid is made, the upset bid period starts over again for an additional 10 days.  This process continues until 10 days elapse without an upset bid, at which point the last bid on the property is accepted and the foreclosure can be completed.

If you are a homeowner going through the foreclosure process, you have the right to stop the foreclosure and save your home up to and until the upset bid period expires by either paying the lender the money owed or working out an alternative to foreclosure with the lender. 

For more information about Charlotte foreclosure and foreclosure alternatives, please visit:  http://zellersrudd.com/areas_of_practice/charlotte_foreclosure_alternatives.aspx

Prior to founding Zellers Rudd PLLC, Dan Zellers and Scott Rudd worked together in the real estate finance group of some of the top international law firms in the nation. They represented large national banks and servicers in multi-million dollar commercial property transactions as well as multi-billion dollar commercial loan securitizations. These transactions included the negotiation of large servicing contracts as well as conducting large commercial loan transactions, loan assumptions, defeasances, parcel releases, and other consent matters on large commercial properties located all across the nation. In addition, their work prior to that has afforded them extensive experience in all aspects of residential real estate and residential real estate transactions including loan closings, foreclosure, landlord-tenant law, work with homeowners’ associations, default judgments and private transactions.

Actually this is a misnomer, there is no such thing as free foreclosure homes. Think about it logically no one in their right mind would give away a foreclosure home for free!!! Banks, lenders and government who have thousands of foreclosure homes on their inventories want to recover at least some of the losses they have made on these homes.

However if you add a few more words to the title, say for instance Free Foreclosure Homes Listings, or Free Foreclosure Homes Investment Information it takes on a whole new avenue of thought.

Many people have though of entering the real estate market through purchase of foreclosure homes. We read about it all the time, people making a killing in the real estate market when they venture into the purchase and resale of foreclosure homes. But you might be a intrepid investor, who know he can raise the finance to enter this market and just does not know where to start. Well this is where you free foreclosure homes investment information falls into place.

Online it is possible to find out information for virtually every market place for completely free of charge. The real estate market is not different. Because the foreclosure homes market is so huge at the moment, there is a wealth of information available on the internet that gives you access to educational articles on how to enter this investment market.

It goes without saying that if you are new to this market and want to participate in the business of wealth creation through real estate investment, you have to be educated. Not only do you have to be educated in the processes involved in foreclosure real estate investing, you have to be educated in finding the easiest possible source of valid, up-to-date information.

Free foreclosure homes listings are available online, but it might just be a little more sensible to find a listing service where you pay a little, and receive a large return on your small investment.

Understanding this market is tantamount to being successful in it. Success breeds more success and soon, with the right free information you could be on your way to being a real estate mogul. Just think; “Donald Trump”, he has made his fortune, lost it and then made it again, all by investing in real estate.

This doesn’t mean you should go on out and invest in the first real estate foreclosure you find on a Las Vegas hotel. Start small by investing in single or multi-family units and work your way up. Lasting wealth can definitely be created by investing in foreclosure homes for whatever reason. Fast purchase and re-sale, if that floats you boat then fine! But it is a buyers market at the moment, so you might have to hold onto your foreclosure home for a while until the sellers market picks up. How to do this? Make it a rental property, there is nothing quite like investing in a property where your mortgage is paid for you from rentals.