Anyone tried taking over foreclosures??

[NOTALENT]

Looking into start trying to take over forclosures. But need info on how to find them and what type of paper work and whats involved??? anyone have info or a website to figure this out??/

[wsuwrhr]

a foreclosure in this market? you have to be kidding.
Brian

[al cole'holic]

...tons of foreclosures, NOD's, etc. The problem is most loan balances could be upwards of 300k in this market..how many time do you think a bank will let you " " take over a forclosure like that? What specific area are you looking into??

[Mandelon]

I get some monthly REO magazine.
I managed foreclosures for banks for a couple of years, and then got into rehabbing for them, so I have done this for a long time. Hardly anything is going back to the banks around here. Too much damn equity.
Foreclosure are rising in other parts of the country. but in So Cal there are not many bargains to be had like you see on late night TV.
I had a lady give me her house once. For free. Quitclaimed to me, to save her credit. I brought it current with the bank the next day, rehabbed and sold it quick before they found out.
Bropb16 I sent you a PM

[coolchange]

I've gone to some seminars on it but they just want to sell you a $1000 class. I was just searching that about an hour ago. Tons of sights that want to sell you info that I think you could get for free if you knew how.

[Mandelon]

Title insurance companies have all the NOD info. Befriend an agent, give him your business. NOD is Notice of Default. It is one of the first steps on the road to foreclosure.

[bigkatboat]

What happened to Havasu, in California??? I don't want to rub it in, but I am happy that you saw the LIGHT. I'm going in around Needles (AZ. side) and it is going to explode soon. You don't have to send me any money for this tip, just "get busy", what about Havasu at the south end? LOOK AT A MAP, you will see what I mean. Good luck, keep your eyes open! Party, WOT!!!

[C-2]

When the equity is gone I think there’s gonna be quite a few people losing their toys and homes.
Californians have been living off their equity for several years now and once it’s gone, they won’t have the safety cushion to bail their asses out. Currently they just get another refi for a quick fix and another cash infusion. Take that quick fix away and ouch…some bills are gonna be due and no more equity to help out.
Do the math; 25 year old making $50K a year, living in a $400,000 house, driving a $100K boat, pulling his Weekend Warrior in the winter, being pulled by a $50K truck, wearing his dope clothes and bar hopping every weekend. It just doesn’t add up.
I’ve been saying it for several years now but when the equity dries up…there’s gonna be some smoking boat deals out there for the cash-type person. And maybe foreclosures too, but the equity also has to disappear; otherwise the banks will keep the homes and sell them for their own profit.
C2<-------not an angry guy, just an observation

[Mandelon]

You're saying 125% cashout refi's are a bad thing????
I think we are coming to the end of the cycle too, it is over due. But now the economy is supposed to be improving. So it may not dump out like in the early 90's. Maybe just a slow landing.....The southwest has been riding a very lucky wave for the past 8 years....

[C-2]

Mandelon
Agreed.
The banks also learned a lot in the early 90's and I doubt they will have the same REO policies.