Life After Foreclosure?

[MichaelQuarles]

Learning how to Invest in real estate is like learning how to "Play Ball"... 

You have to pick which type of ball you want to use to play with before you can do a very good job of it... I bet there isn't a Major League Baseball player live or dead who could hit a ball out of the park if the ball was football.  Bet water polo would be difficult using a beach ball.  Imagine dodge ball using a golf ball. Actually that sounds fun... As long as the other team were loss mits.

My point is that there are deals to be done out there subject to if and when you understand how to...  in 05 certainly there were more houses with equity however there were more of us trying to grab them... Now that the weak are gone its a great time for everyone...

With that said foreclosure strategies are important to understand... Do you buy pre-foreclosures, REOs, Notes, at Sale, Bulk, ... Where do you get the money?

Its when you think you know more then you do you in trouble... That reflection in the water is ugly at times.

[LiftedHigh]

I have worked in a Foreclosure department as a Property Acquisition Specialist. Every month, we foreclose a lot of properties in our country. It even came to a point where people rallied in front of our office. I understand that it is really hard for people to have their properties foreclosed. That is why it is really important to pay our dues and be responsible with it.

[rachel]

I have worked in a Foreclosure department as a Property Acquisition Specialist. Every month, we foreclose a lot of properties in our country. It even came to a point where people rallied in front of our office. I understand that it is really hard for people to have their properties foreclosed. That is why it is really important to pay our dues and be responsible with it.

Hi,

This is really a big thing as, this really hard for such people as this is important to pay the dues as if the dues are not payed till time otherwise you have to really pay for your house.

Thanks!!

[kellyc60]

Can I get around not having "proof of Funds" to negotiate short sale with bank.

[Summit]

That is one of those don't ask don't tell things. It is very rare that they will even ask for a proff of funds until it gets into the final stages of nego. At that time you should really have a proff of funds and if not then you just did all that work for nothing.

[MichaelQuarles]

A proof of funds in a piece of paper worth less then a penny and written on it are 26 letters arranged in an order to cause the lender to believe that it represents your ability to obtain money...

The key is in the arrangement of the 26 letters...

Not difficult...

Good Luck

[gturnwald]

This is a common question I hear and the answers start with the length and type of your employment, the longer you have worked at the same job the better. However, credit repair steps do not end with employment history.
First, keep in mind why you filed bankruptcy in the first place whether is was loss of job, illness, or divorce. If so, you are a good candidate for moving forward with establishing new credit. If you filed bankruptcy due to compulsive spending, gambling, drugs or alcohol, there is lifestyle or character issues that should be address or you will simply be repeating yourself quickly.

Next step is to apply for a secured credit card this can be done. By depositing money with a lender, your credit limit is usually the amount of the deposit. Note that this is different than a debit card, which has no element of credit lending, or credit history rebuilding record.

Pay any installment loans that you may have on time, especially secured loans like cars or mortgages. Each month you pay on time, it is reported to the credit bureaus.

After you have a secured credit card, get a store card from a gas company or department store. Use revolving credit lightly, but regularly. The mix of credit cards, installment loans, and store cards used and paid regularly on time, is the fast track to restoring your credit rating after bankruptcy, and can be accomplished in as little as two years in conjunction with a good employment history.

[Nick Brian]

Thanks for sharing information regarding FICO. Isn't it two years a long time to restore that?

[LyonelK]

I have heard of some great companies that doing amazing work with credit restoration.

I have no witnessed it as of yet, but hopefully soon enough. I am not sure what the rules are with referring you on here and I do not want to play with fire.

Anyone know if I am allowed to put a company name if I have no affiliation with them?

[Summit]

I don't see why not. Just as long as your not selling it you should be fine.