Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
It creates a unique opportunity for real estate investors to acquire properties for a steep discount, while helping the owners get out of a tough situation.
In this fast paced course based on Jay’s live presentations to a small group of dedicated real estate investors, you will discover:
What foreclosures are
How to find pre-foreclosures before your competition
How the foreclosures process works
Why it is a Win/Win/Win/Win situation
What to do with your foreclosure property after you close on it.
and much more…
President Joe Biden extended a federal moratorium on evictions and foreclosures in January, 2021. He also pushed for more aid to help struggling renters and homeowners pay their bills. That may provide some relief in the short term. But the new administration — like the one before it, and the one before that — faces a much longer-term affordability crisis.
“We have a huge shortage of housing for pretty much every income level except the very highest,” said David Dworkin, CEO of the National Housing Conference, which advocates for affordable housing.
The global pandemic shattered the world order and the US economy suffered its biggest blow since the Great Depression in the second quarter. The housing market too briefly hit pause in spring. Back in March of 2020, the real estate market looked to be headed into a steep decline due to widespread stay-home orders.
The pandemic has certainly affected every sector but residential real estate has been very resilient. The real estate sector has also been highly supportive of the economic recovery of the country so far. It has emerged as a pillar of support for the economy. 2020 was a record-breaking year for the US housing market. According to Zillow, in total, 5.64 million homes were sold in 2020, up 5.6% from 2019.
The typical U.S. home was worth $266,104 in December, up 8.4% (or $20,587) from a year ago. House prices in all the major markets continue to rise. According to economists and market watchers, home values are growing at their fastest pace in a generation, and are showing no signs of slowing down in 2021.
But behind all this are disturbing trends in Forbearance. the precursor to Foreclosure.
Seriously delinquent mortgages are up 1.7 million in 2020 to 2.1 million. Rental payments are in arrears, which means landlords can’t pay their mortgages, as 40% of renters say they cannot make their rent.
There is a huge opportunity in real estate coming.