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Lenders, bidders unleash foreclosure deals

Part 3: How to profit from defaulted real estate
Published on Nov 4, 2004

This is Part 3 of a three-part series. (See Part 1: Buying defaulted real estate no easy task and Part 2: Navigating a foreclosure auction.) 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. Purchase Bob Bruss reports online. 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 properties that are in the default process. OPPORTUNITY #3 – BUY AFTER THE FORECLOSURE SALE FROM EITHER THE FORECLOSING LENDER (WHO RECEIVED TITLE IF THERE WEREN'T ANY...

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