nvesting in Foreclosure, were 4 months behind and didn't
my number one concern has pay their real estate taxes.
always been the due on sale
clause from the lender. Paying the bank will probably
bring a red flag somewhere. The
I recently find out a way to big deal is the insurance though,
avoid that problem and can sleep when the insurance company send
better at night instead of trying any change to the lender.
to refinance as soon as possible,
mainly when I get pre-foreclosure I decided to assume the mortgage
properties and "assuming" a and quit claim the property with
10%-12% interest mortgage. a "leasing" shield.
My last buy was in a very nice So, we decide that the owners
and quiet neighborhood in will "rent" the property to me
Sevierville, TN. and the rent is...the mortgage
payment amount.
These owners have tried a
business, which, unfortunately, However, I don't want to give the
didn't bring their expectations. payment to the owners, since I
can't put my trust in them
They soon faced hard time to pay regarding money. So, I actually
bills, mainly the mortgage. called the bank saying that I was
the new tenant, but I wanted to
So, with a pre-foreclosure in pay them directly, since I know
place, this is how I proceed. the owners have difficulties to
pay and don't want to live in
Owners have to provide me with there for 2-3 months and then,
mortgage back payments and all they foreclose and kick me
unpaid bills. In this case, they out...They seems to be happy to
have the payment instead of "728x90_as";
foreclose.
google_ad_type =
We, then, have a "12 months "text_image";
lease", so I have plenty of time
to shop around for refinancing. google_ad_channel
="3545651507";
I'm just avoiding the "due on
sale" clause since it's rented google_color_border =
and not sold, but I'm on the deed "FFFFFF";
since the quit claim.
google_color_bg = "FFFFFF";
google_color_link =
type="text/javascript">
t-728x90.php";
google_ad_width = 728; type="text/javascript"
google_ad_height = 90;
src="http://pagead2.googlesyndica
google_ad_format = tion.com/pagead/show_ads.js">
About the Author:
Cody THOMAS is a Realtor and Real estate investor. www.myforeclosuretips.com
