This is Part 1 of a three-part series. (See Part 2: Navigating a foreclosure auction and Part 3: Lenders, bidders unleash foreclosure deals.) Earning big profits from properties that are in the foreclosure process is a "numbers game." One way or another, about 95 percent of homes with defaulted loans are never sold at a foreclosure auction. The reason is the owner either reinstates the mortgage (usually by refinancing or adding a junior mortgage) or sells the property. That's where you enter the picture! If you are a mortgage broker, you can build a very lucrative business helping owners who are in default by offering to refinance or create a new junior mortgage. Of course, you will need to have sub-prime loan sources to provide the new financing. Or, you can become a buyer of propert...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.