THE Short Sale Manifest

More than likely you have heard the terms “Short Sale” or “Foreclosure” while reading up on real estate investing. Foreclosures have been a hot topic because of the huge numbers of defaulting loans. Within the recent years of housing price increases, easy qualifying money and adjustable rate mortgages have lead to some of the highest foreclosure rates ever seen. Now is the best time to hit those lenders for huge discounts. When a person gets a loan to purchase a house or take out equity, they normally sign a note personally agreeing to pay back the loan and also a security instrument called a lien. A lien is used by lenders to secure the loans in case of non-payment. Lenders will be able to take ownership of the house and try to recoup their money by reselling the house. The process of taking ownership of the house is called foreclosure and varies from state to state. Each foreclosure procedure will take different amounts of time to complete. In some states, foreclosures will only taking 21 days and other states taking up to a year.