Disclosure of Information on Foreclosure Listings

 #ForeclosedHomes #ForeclosedProperty #DistressedProperty #DistressedHome #PropertyTips

The majority of distressed properties are occupied by individuals or couples in residential contracts with their lender to purchase a property. I'm assuming this for several reasons.

The first is that most distressed homes are sold "As-Is." They are bought with only a mortgage State". Secondly, many distressed home sales are made short sales". This means the homeowner has tried to contact their lender via servicing statements or other documentation. They've made references to their accountability period and final determination date. They've tried to get other agencies to assist them, such as a HUD counselor, but those agencies are also out of service.

If your bank is a non-traditional lender, they are likely to have an occupancy mandate with homeowners they buy a distressed home from. This means they're not going to be doing any short sales, distressed sales, or otherwise negotiating a transaction that makes more sense for them. You're best chance to see an improvement in your credit score would be if your home were to sell in an REO. A foreclosure listing on the market without any restrictions, however.

There is no occupancy mandate on REO homes, but there is a requirement to have a clear title. That means the lender must own the deed to the property, and the property must be free and clear. This isn't an issue for residential sales. If you're talking about a commercial property, a little more work could be required.

The next issue is whether a homeowner still has the standing to sue for foreclosure after being forced to sell a distressed home. With a short sale, the owner could possibly file for foreclosure once they've been forced to sell a property because they're unable to get enough to cover the loan's remaining balance, and they're no longer financially able to pay it. With a foreclosure listing, it may be a little more complicated.

I hope you found this article helpful? As you continue your quest for wealth and financial security, the investment strategies laid out in Think Like a Tycoon by Dr. W.G. Hill is the resource you should seriously consider. 

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