#difference between loan and mortgage deed

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How to Difference between a mortgage and a mortgage

According to the Transfer of Property Act, of 1882, a mortgage refers to the transfer of an interest in certain immovable property, for payment in advance by way of a loan, an existing or future loan, or the performance of an undertaking which may provide. The mortgagor transfers financial liability to another party, referred to as the transferee, in a liability accrual process. The lender loans…

[ross1245]

Short Sale vs Deed-in-Lieu of Foreclosure: Which Is the Best Option for Homeowners?

Are you struggling with mortgage payments and unsure of which option to pursue — a short sale or a deed-in-lieu of foreclosure? Both alternatives can help you avoid foreclosure and protect your financial future, but they come with different processes, benefits, and implications. In this post, we’ll break down the differences between these two choices, explore how they affect your credit, and discuss how you can make the best decision for your situation.

What Is a Short Sale?

A short sale occurs when you sell your home for less than the remaining balance on your mortgage, with your lender’s approval. While this means that the bank won’t recover the full loan amount, they agree to accept the sale proceeds as full payment for the debt.

For homeowners, a short sale can be an appealing option because it allows you to sell your home before foreclosure, protecting your credit score from the severe impact of foreclosure. However, the process can be lengthy, and you must meet certain eligibility requirements.

What Is a Deed-in-Lieu of Foreclosure?

A deed-in-lieu of foreclosure involves voluntarily transferring the title of your property to the lender in exchange for the cancellation of your mortgage debt. Essentially, you hand over the keys to the bank and in return, they release you from your financial obligation. Unlike a short sale, there is no sale involved. Instead, you simply give the property back to the lender.

This option may be quicker than a short sale and can result in less damage to your credit score. However, a deed-in-lieu may come with legal complications, and not all lenders are willing to accept it.

Short Sale vs Deed-in-Lieu of Foreclosure: The Key Differences

Process and Timeline

Short Sale: The process of selling the home in a short sale can be lengthy, often taking several months. You’ll need to list the property, attract a buyer, and get the lender’s approval before finalizing the sale. This can be a time-consuming process that requires careful coordination with your real estate agent and lender.

Deed-in-Lieu: A deed-in-lieu is typically quicker than a short sale. Once the lender agrees to the arrangement, they will work with you to transfer the deed. This process can be completed in a matter of weeks, depending on the lender’s procedures.

Impact on Credit

Short Sale: A short sale typically results in a lower credit score than a deed-in-lieu, but it is less damaging than a full foreclosure. On average, you can expect to see a drop of 100-150 points. However, the impact may be less severe than that of a foreclosure, which can drop your score by 200 points or more.

Deed-in-Lieu: A deed-in-lieu of foreclosure can also negatively affect your credit score, but it usually results in less damage than a foreclosure. On average, the decrease is between 50-100 points, but it’s generally less harmful than the fallout from a short sale.

Eligibility Requirements

Short Sale: Not all homeowners are eligible for a short sale. You must demonstrate financial hardship, and the lender must agree to accept less than the full amount owed. Your home must be listed for sale, and the sale must be approved by your lender before it’s completed.

Deed-in-Lieu: To qualify for a deed-in-lieu of foreclosure, you typically need to have already exhausted all other options, such as a loan modification or short sale. Lenders may require you to demonstrate that you’re unable to sell your property, and you must not have any junior liens (such as a second mortgage).

Legal Implications and Deficiency Balances

Short Sale: In many cases, a short sale can result in a deficiency balance, meaning the lender may pursue you for the remaining amount of the debt that wasn’t covered by the sale. However, some states and lenders may forgive this balance, especially if it was a result of your financial hardship. It’s crucial to negotiate this before agreeing to a short sale.

Deed-in-Lieu: In some situations, a deed-in-lieu of foreclosure may eliminate any deficiency balance. However, this depends on the lender’s policies and the laws of your state. You’ll need to ensure that the lender agrees to forgive any remaining debt in writing.

Pros and Cons: Short Sale vs Deed-in-Lieu of Foreclosure

Short Sale Pros:

Less impact on credit than foreclosure.

Potential to move forward with a clean slate.

May allow you to negotiate a deficiency waiver.

Cons:

Long and complicated process.

Requires approval from the lender.

May still have a negative impact on your credit.

Deed-in-Lieu of Foreclosure Pros:

Faster and simpler than a short sale.

Likely less severe impact on your credit than foreclosure.

Can sometimes eliminate any deficiency balance.

Cons:

May not be available if you have other liens on the property.

Can be complicated in terms of legal issues.

The lender may not always accept this option.

Which Is Right for You?

The choice between a short sale and a deed-in-lieu of foreclosure depends on your unique situation, including the state of your finances, the type of loan you have, and your lender’s policies. If you need to sell your home, a short sale may be the better choice, but if you’re simply looking to walk away from the property and its associated debt, a deed-in-lieu may be the best option.

Let Short Sale Connection Help You Navigate Your Options

At Short Sale Connection, we specialize in helping homeowners explore their options and guide them through the short sale process. Our expert team will work with you to ensure you understand your choices and help you achieve the best possible outcome. If you’re considering a short sale or a deed-in-lieu of foreclosure, don’t hesitate to reach out to us for personalized guidance and support.

Visit our website here to learn more about how we can assist you, and start your journey toward financial recovery today!

In summary, both a short sale and a deed-in-lieu of foreclosure can provide relief from the burden of foreclosure, but each option has its unique pros and cons. Consider your goals, consult with experts like those at Short Sale Connection, and make the best decision for your future. Contact us for more information: Short Sale Connection

[rentscoreafrica]

Understanding the Costs Involved in Buying Property in Kenya

Buying property is a significant milestone for many, but understanding the costs involved is crucial to making informed decisions. Whether you're exploring an apartment for sale in Nairobi, Kilimani, Lavington, Syokimau, Athi River, or Kileleshwa, it's important to know the expenses beyond the listed price. This guide will help you navigate these costs and plan for a seamless property acquisition process.

The Purchase Price: Your Starting Point

The purchase price of the property is the most obvious cost. Depending on the location, property type, and amenities, prices can vary significantly. For instance:

An apartment for sale in Kilimani may cost more due to its proximity to the city center and high demand.

Properties in Athi River and Syokimau are often more affordable, making them ideal for first-time buyers or investors on a budget.

Negotiate wisely and compare options in different neighborhoods to find the best value for your money.

Stamp Duty

Stamp duty is a mandatory government tax paid during property transactions. The rate depends on the property location:

Urban areas: 4% of the purchase price

Rural areas: 2% of the purchase price

For example, buying an apartment for sale in Nairobi valued at KSh 10 million in an urban area will incur a stamp duty of KSh 400,000. Ensure you account for this when budgeting.

Legal Fees

Engaging a lawyer is essential to ensure the property transaction is legitimate and transparent. Legal fees are typically charged as a percentage of the property’s value, ranging between 1% and 2%.

A lawyer will:

Conduct a title search to verify ownership.

Draft and review the sale agreement.

Facilitate the transfer process.

For a property worth KSh 10 million, legal fees may range between KSh 100,000 and KSh 200,000.

Valuation Fees

A property valuation determines its market value, ensuring you’re not overpaying. Banks also require valuations before approving mortgage applications. Valuation fees are usually 0.25% to 1% of the property value.

For instance, if you're considering an apartment for sale in Kileleshwa, valued at KSh 15 million, valuation fees could range between KSh 37,500 and KSh 150,000.

Mortgage Costs

If you're financing your purchase with a mortgage, there are additional costs to consider:

1. Loan Processing Fees

Most banks charge a processing fee, typically 1% of the loan amount.

2. Insurance

Mortgage insurance protects the lender in case of default and is often required. The cost depends on the loan amount and terms.

3. Interest Rates

Kenya’s mortgage interest rates vary but typically range between 12% and 14% annually. Compare rates from different lenders to secure the best deal.

Agent Fees

Real estate agents play a key role in connecting buyers with sellers. Agent commissions are usually 1% to 3% of the property price.

For example, purchasing an apartment for sale in Lavington worth KSh 20 million might incur an agent fee of up to KSh 600,000. While this fee can seem high, agents often add value by helping you find the perfect property and negotiating favorable terms.

Survey and Registration Fees

1. Survey Fees

If the property requires subdivision or boundary verification, you’ll need to hire a licensed surveyor. Survey fees vary depending on the complexity of the work.

2. Registration Fees

The property must be registered under your name at the Lands Registry. Registration fees are generally KSh 5,000 to KSh 25,000, depending on the property value.

Property Transfer Costs

Transferring property ownership involves additional costs, including administrative fees and title deed processing charges. These costs typically range from KSh 5,000 to KSh 20,000.

For a seamless transfer process, ensure all required documents are in order, including:

Sale agreement

Title deed

KRA PIN certificate

Moving and Renovation Costs

Once the transaction is complete, you’ll incur expenses for moving and, potentially, renovations.

1. Moving Costs

Moving costs depend on the distance and the volume of your belongings. Hiring professional movers can range from KSh 10,000 to KSh 50,000.

2. Renovation Costs

If the property needs upgrades or repairs, budget for renovation expenses. For example, modernizing an apartment for sale in Syokimau or Athi River might involve repainting, kitchen remodeling, or installing new fixtures.

Service Charges and Maintenance Costs

Many apartments, especially those in upscale areas like Kilimani and Kileleshwa, have service charges to cover shared amenities such as:

Security

Garbage collection

Landscaping

Maintenance of common areas

Service charges vary but typically range between KSh 5,000 and KSh 15,000 per month.

Taxes on Rental Income (For Investors)

If you’re buying property as an investment, it’s important to account for rental income taxes. In Kenya, landlords earning rental income are required to pay:

10% withholding tax on rental income up to KSh 15 million annually.

Stay compliant to avoid penalties and maintain a positive relationship with tenants and authorities.

Tips to Minimize Costs

Work with Trusted Real Estate Firms Reputable firms can help you find genuine deals and avoid overpaying for properties.

Negotiate Fees Some costs, such as agent fees and legal fees, are negotiable. Don’t hesitate to ask for discounts.

Choose Locations Wisely Areas like Athi River and Syokimau often offer lower costs compared to central neighborhoods like Kilimani and Lavington.

Bundle Services Some real estate firms offer bundled services, including legal and valuation support, which can reduce overall costs.

Conclusion

Buying property in Kenya involves more than just the purchase price. From legal fees and stamp duty to mortgage costs and maintenance charges, understanding these expenses is essential for successful property ownership.

Whether you’re considering an apartment for sale in Nairobi, Kilimani, Lavington, or Kileleshwa, planning for these costs will help you make informed decisions and avoid surprises. By working with trusted professionals at Rentscore and budgeting carefully, you can navigate the process with confidence and secure your dream property. Contact us at 0743 466 209 / 0757 488 833 or email info@rentscore.africa for assistance.

[urrealtors]

Everything You Need to Know About Buying a Home in a Short Sale

The threat of foreclosure can be an overwhelming and stressful experience for homeowners. However, understanding the role of a foreclosure attorney and what to expect during the legal process can provide clarity and help alleviate some of the anxiety associated with this challenging situation. In this blog post, we will delve into the crucial role of a foreclosure attorney and outline what homeowners can expect when navigating the legal complexities of foreclosure.

Understanding the Foreclosure Process:

Foreclosure is a legal process lenders initiate when homeowners default on their mortgage payments. The process involves the lender repossessing the property to recover the outstanding debt. This can be a complex and daunting process for homeowners, but having a foreclosure attorney by your side can make a significant difference in navigating these challenges.

The Role of a Foreclosure Attorney:

Case Evaluation:

The first step a foreclosure attorney takes is to evaluate your case thoroughly. This involves reviewing your mortgage documents and financial records and understanding the circumstances that led to the potential foreclosure. This comprehensive analysis helps identify potential legal defenses or irregularities that could be used to your advantage.

Communication with Lenders:

Foreclosure attorneys act as intermediaries between homeowners and lenders. They engage in negotiations with lenders to explore alternatives to foreclosure. This can include discussions about loan modifications, where the mortgage terms are adjusted to make payments more manageable for the homeowner.

Legal Defense Strategies:

If negotiations with the lender do not yield favorable results, a foreclosure attorney can develop and implement legal defense strategies. Our strategies may involve challenging the foreclosure process on various grounds, such as procedural errors, violations of lending laws, or other legal irregularities. The goal is to buy time and explore options that may prevent or delay the foreclosure.

Bankruptcy Options:

In some cases, filing for bankruptcy may be a viable option to stop foreclosure proceedings. Foreclosure attorneys can assess your financial situation and guide you through bankruptcy if it is in your best interest. Filing for bankruptcy triggers an automatic stay, temporarily halting the foreclosure process and providing an opportunity to address financial challenges.

Loss Mitigation Assistance:

Foreclosure attorneys can assist in pursuing loss mitigation options, including short sales or deeds instead of foreclosure. Our alternatives provide homeowners with options for gracefully exiting homeownership while minimizing the impact on credit scores and financial well-being.

Notice of Default:

The foreclosure process typically begins with the lender issuing a Notice of Default (NOD) after a certain number of missed payments. This formal notice informs the homeowner that they are in default and provides a period during which they can rectify the default.

Foreclosure Lawsuit:

The lender may file a foreclosure lawsuit if the default is not remedied. This is where the legal expertise of a foreclosure attorney becomes crucial. The attorney will respond to the lawsuit, asserting legal defenses and initiating the legal process.

Discovery and Negotiation:

Both parties engage in a discovery process, exchanging information relevant to the case. This phase may also involve negotiation between the foreclosure attorney and the lender’s representative to explore settlement options.

Foreclosure Sale:

If a resolution is not reached, and the court grants the lender’s request for foreclosure, the property may be scheduled for a foreclosure sale. This is a public auction where the property is sold to the highest bidder.

Eviction Proceedings:

Following a foreclosure sale, the new owner may initiate eviction proceedings to take possession of the property. Foreclosure attorneys can sometimes assist in negotiating a more favorable outcome for the homeowner during this phase.

Conclusion:

The role of a foreclosure attorney is multifaceted, encompassing legal defense, negotiation, and guidance throughout the foreclosure process. Homeowners can expect a thorough evaluation of their case, strategic negotiations with lenders, and legal representation to explore alternatives and potentially delay or prevent foreclosure. Understanding the role of a foreclosure attorney empowers homeowners facing foreclosure to make informed decisions and work towards a resolution that best suits their unique circumstances. If you find yourself navigating the challenging waters of foreclosure, seeking the expertise of a qualified foreclosure attorney is a crucial step toward protecting your rights and interests.

Contact us:  

Address - 8315 Northern Blvd., Suite2 Jackson Heights, NY 11372

Email - info@urrealtors.com

Phone - (844) 829 2292

Website - Ur Realtors

Blog - Everything You Need to Know About Buying a Home in a Short Sale

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Dubai real estate investment for expats

Dubai’s real estate market has long attracted expats from around the world due to its tax-free environment, high rental yields, and the city’s rapid development. If you're an expatriate considering real estate investment in Dubai, here’s everything you need to know.

1. Why Dubai is Attractive for Expats

Key Advantages:

Tax-Free Income: Dubai has no property taxes, capital gains taxes, or income taxes, which allows investors to keep more of their profits.

High Rental Yields: Expats can enjoy rental yields that average between 5% and 8%, which is higher than many other global property markets.

Growing Economy: Dubai’s economy continues to grow, driven by sectors such as tourism, trade, logistics, and technology, which in turn supports the real estate market.

Strategic Location: Dubai’s central location between Europe, Asia, and Africa makes it an ideal global business hub, attracting a large number of expatriates.

Stability and Safety: Dubai offers a secure environment for both residents and investors, with a stable political and economic climate.

2. Legal Framework for Expats Investing in Dubai Real Estate

Freehold Areas

Expats can buy property in designated freehold areas in Dubai. These areas allow foreign nationals to have full ownership rights, unlike leasehold zones where ownership is limited to 99 years.

Popular Freehold Areas:

Downtown Dubai: Close to the Burj Khalifa and Dubai Mall, this area is a high-demand spot for luxury apartments.

Dubai Marina: A waterfront community popular among young professionals and expats.

Palm Jumeirah: Known for luxury villas and high-end properties, Palm Jumeirah attracts affluent investors.

Jumeirah Village Circle (JVC): An affordable freehold area with high rental yields, popular among middle-income expats.

Business Bay: A business hub with a mix of commercial and residential properties.

Ownership Process for Expats:

Select a Property: Choose from off-plan (under construction) or ready properties. It’s essential to work with a reputable real estate agent or broker.

Sign a Sales and Purchase Agreement (SPA): This legal contract outlines the terms and conditions of the property purchase. At this stage, you’ll typically be required to pay a deposit (usually 10% of the property value).

Transfer of Ownership: Once all payments are completed, the ownership transfer happens at the Dubai Land Department (DLD), where you’ll receive a title deed.

DLD Fees: A 4% transfer fee is payable to the Dubai Land Department when buying property.

3. Financing Options for Expats

Mortgages for Expats

Dubai offers several mortgage options for expats, although the criteria and terms vary based on your residency status.

Loan-to-Value (LTV) Ratio:

For residents, up to 80% LTV for properties priced under AED 5 million.

For non-residents, typically up to 50%-75% LTV.

Interest Rates: Mortgage interest rates in Dubai range from 3% to 5%, depending on the bank and your financial profile.

Mortgage Terms: Expats can avail mortgage terms of up to 25 years.

Required Documentation:

Passport and visa copy

Proof of income (salary certificate, bank statements, or financial records)

Bank statements for the past 6 months

Proof of down payment

Tip: Work with a mortgage broker who specializes in expat mortgages to navigate different banks' policies and secure the best deal.

4. Types of Properties for Expats

Residential Properties

Apartments: Popular among expats for both renting and buying, particularly in central areas like Downtown Dubai, Dubai Marina, and Business Bay.

Villas: Ideal for families, expat villas are available in areas like Arabian Ranches, Palm Jumeirah, and Jumeirah Park.

Townhouses: Townhouses are more affordable than standalone villas and are commonly found in family-friendly communities such as Jumeirah Village Circle and Dubai Hills Estate.

Commercial Properties

Expats can also invest in commercial real estate (offices, retail spaces), offering stable, long-term rental returns. Areas like Business Bay and DIFC (Dubai International Financial Centre) are prime locations for commercial property.

Off-Plan Properties

Benefits: Off-plan properties are often sold at lower prices compared to ready properties, and developers typically offer flexible payment plans.

Risks: Consider the developer’s reputation and project timelines before committing to off-plan purchases.

5. Popular Areas for Expats to Invest

Dubai Marina

Overview: Known for its high-rise luxury apartments and vibrant nightlife.

Average Rental Yield: 6% - 7%

Best For: Young professionals and investors seeking strong rental returns.

Jumeirah Village Circle (JVC)

Overview: An affordable residential community, offering townhouses, villas, and apartments.

Average Rental Yield: 7% - 8%

Best For: Middle-income investors seeking affordable entry points and high rental yields.

Downtown Dubai

Overview: A prime area with iconic landmarks like the Burj Khalifa and Dubai Mall, attracting tourists and business professionals.

Average Rental Yield: 5% - 6%

Best For: Investors seeking luxury properties with strong capital appreciation potential.

Business Bay

Overview: A mixed-use development with both commercial and residential properties, located near Downtown Dubai.

Average Rental Yield: 5% - 6%

Best For: Investors interested in commercial properties and city-center living.

Dubai Hills Estate

Overview: A master-planned community with parks, schools, and healthcare facilities, ideal for families.

Average Rental Yield: 6% - 7%

Best For: Family-friendly investment, with potential for long-term appreciation.

6. Taxes and Fees

Dubai’s tax-free environment makes it particularly appealing for expats. However, there are other costs to be aware of:

Dubai Land Department (DLD) Transfer Fee: 4% of the property value.

Real Estate Agency Fee: Typically 2% of the property value.

Service Charges: Annual fees covering maintenance of common areas, typically paid to the developer or property management company.

Mortgage Registration Fee: 0.25% of the loan amount, payable when registering a mortgage.

7. Rental Income and Yields for Expats

High Rental Demand

Dubai has a large expatriate population, leading to consistent rental demand. Areas like Dubai Marina, Downtown Dubai, and Business Bay are popular among tenants, offering strong rental yields.

Rental Yields: On average, expat investors can expect rental yields between 5% and 8%, depending on the property type and location.

Short-Term Rentals: Platforms like Airbnb have also made short-term rentals popular, particularly in tourist-heavy areas like Downtown and Palm Jumeirah. Short-term rentals tend to yield higher returns but require more management effort.

Rental Regulations

Rental Index: Dubai’s Real Estate Regulatory Agency (RERA) regulates rent increases through its Rental Index, which provides guidelines for how much rent can increase annually.

Ejari Registration: Every rental contract in Dubai must be registered with Ejari, a system that regulates tenancy agreements and protects the rights of both landlords and tenants.

8. Risks of Investing in Dubai Real Estate for Expats

Market Volatility: Like any real estate market, Dubai’s market can fluctuate due to economic conditions or shifts in supply and demand.

Oversupply: Some areas may face oversupply of new developments, potentially leading to price stagnation or drops.

Vacancy Rates: While rental yields are high, investors should consider the potential for vacancy periods, especially in the short-term rental market.

Legal Considerations: Expats must stay informed about the legal framework, especially concerning ownership regulations, fees, and developer risks.

Conclusion

Dubai offers expats a range of opportunities to invest in a dynamic, tax-free real estate market. With proper research, the right financing, and an understanding of the market trends, expats can enjoy high rental yields, capital appreciation, and a secure investment environment. However, it’s crucial to conduct thorough due diligence, work with trusted professionals, and stay informed of legal and market changes.

[reitmonero]

How to Qualify for a Home Equity Loan: What You Need to Know

A home equity loan can be a powerful financial tool, allowing you to borrow against the value of your home. Understanding the qualification process is crucial to ensure you meet the requirements and secure the loan you need. Here’s a step-by-step guide to help you navigate the process.

1. Understand What a Home Equity Loan Is

A home equity loan allows you to borrow a lump sum of money by using your home as collateral. The amount you can borrow depends on the equity you have in your home—essentially the difference between your home’s market value and what you owe on your mortgage.

2. Check Your Credit Score

Your credit score plays a significant role in qualifying for a home equity loan. Lenders typically look for a good to excellent credit score. Generally, a score of 620 or higher is needed, but a higher score improves your chances of approval and can help you secure better interest rates.

3. Evaluate Your Home’s Equity

To determine how much you can borrow, assess your home’s equity. This involves calculating the difference between your home’s current market value and the remaining balance on your mortgage.

Current Market Value: You can estimate this by comparing recent sales of similar homes in your area or getting a professional appraisal.

Remaining Mortgage Balance: Check your mortgage statement for the exact amount.

4. Determine Your Debt-to-Income Ratio

Lenders use your debt-to-income (DTI) ratio to assess your ability to repay the loan. This ratio compares your monthly debt payments to your monthly income. Generally, a lower DTI ratio indicates a better chance of approval. Aim to keep your DTI ratio below 43%, though different lenders may have varying requirements.

5. Prepare Your Documentation

Gathering the right documents is essential. Commonly required documents include:

Proof of income (pay stubs, tax returns)

Recent mortgage statements

Proof of home ownership (deed)

Credit report

6. Consider Your Home’s Condition

Lenders may also assess the condition of your home. A well-maintained home with no significant repairs needed is more likely to qualify for a loan. Address any major issues before applying if possible.

7. Shop Around for Lenders

Different lenders offer varying terms and interest rates. Compare offers from multiple lenders to find the best deal for you. Look for competitive interest rates, reasonable fees, and favorable loan terms.

8. Apply for the Loan

Once you’ve chosen a lender, complete the application process. You’ll need to submit your documentation and possibly undergo a home appraisal. The lender will review your application, assess your creditworthiness, and determine the loan amount and terms.

9. Review and Close the Loan

If approved, review the loan terms carefully before signing. Ensure you understand the interest rate, repayment schedule, and any associated fees. Once you agree to the terms, you’ll close the loan and receive the funds.

Final Thoughts

Qualifying for a home equity loan involves a combination of factors, including your credit score, home equity, and financial stability. By understanding the process and preparing adequately, you can increase your chances of securing a loan that meets your needs.

[legalassist-delhi]

Understanding the Basics: Sale, Lease, and Mortgage Explained(lease\Sale deed registration in delhi)

When it comes to property transactions, terms like "sale," "lease," and "mortgage" are commonly used, but they can be confusing. Understanding the differences between these concepts is crucial for anyone involved in buying, renting, or financing property. Let's break down these basic concepts in simple terms.

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Sale: The Complete Transfer of Ownership

A sale is a transaction where the ownership of a property is fully transferred from one person (the seller) to another (the buyer). Once the sale is complete, the buyer becomes the new owner of the property, with all rights and responsibilities attached to it. The seller, in return, receives the agreed-upon payment, and their connection with the property ends. In simple terms, a sale is like buying something from a store—once you pay for it, it's yours, and you can do whatever you like with it.

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Lease: Temporary Use of Property

A lease, on the other hand, does not involve transferring ownership. Instead, it allows one person (the tenant) to use the property owned by another person (the landlord) for a specific period. Tenants pay rent to landlords during this time. The lease agreement outlines the terms, such as the duration of the lease, rent amount, and any rules for using the property. At the end of the lease term, the tenant must return the property to the landlord unless the lease is renewed. Think of a lease as renting a car—you can use it, but it doesn’t belong to you.

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Mortgage: Securing a Loan with Property

A mortgage is a bit different. It’s a legal agreement where a property is used as security for a loan. When someone wants to buy a property but doesn’t have enough money, they can borrow from a bank or lender. The property itself serves as collateral, meaning that if the borrower fails to repay the loan, the lender has the right to take the property. In a mortgage, the ownership remains with the borrower, but the lender has a claim on the property until the loan is fully paid off. It’s similar to borrowing money with a valuable item as a guarantee.

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Conclusion

Understanding the differences between a sale, lease, and mortgage is essential whether you’re buying, renting, or borrowing against a property. A sale transfers full ownership, a lease provides temporary use, and a mortgage secures a loan with the property as collateral. Each has its unique implications, so it’s important to choose the right option based on your needs.

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[asherbrien]

Checklist For First-Time Buyers For Homes

Buying your first home is an exciting but complex process that requires careful planning and consideration. Here’s a checklist to guide buyers for homes through each step:

Evaluate Your Financial Readiness

Review Your Finances: Calculate your income, savings, and monthly expenses to determine how much you can afford to spend on a home.

Check Your Credit Score: A higher credit score can qualify you for better mortgage rates. Review and improve your credit score if necessary.

Save for a Down Payment: Aim to save at least 20% of the home’s purchase price to avoid private mortgage insurance (PMI).

Understand Your Mortgage Options

Research Mortgage Programs: Explore different types of mortgages, such as fixed-rate and adjustable-rate mortgages, and choose one that suits your financial situation.

Get Pre-Approved: Obtain a pre-approval letter from a lender to show sellers that you are a serious buyer and to determine your maximum loan amount.

Define Your Home Preferences

Location: Consider factors like proximity to work, schools, amenities, and safety.

Type of Home: Decide between single-family homes, condos, townhouses, or other options based on your lifestyle and plans.

Must-Have Features: List essential features such as number of bedrooms, bathrooms, yard size, and any specific requirements.

Research the Real Estate Market

Local Market Conditions: Research recent home sales, price trends, and inventory levels in your desired neighborhoods.

Visit Open Houses: Attend open houses to get a feel for different properties and neighborhoods.

Work with a Real Estate Agent

Choose a Qualified Agent: Select a local real estate agent with experience in your target neighborhoods to guide you through the buying process.

Discuss Your Needs: Communicate your budget, preferences, and must-haves with your agent.

Start the Home Search

Narrow Down Options: Use online listings, real estate apps, and recommendations from your agent to identify potential homes.

Visit Properties: Schedule tours of homes that meet your criteria and take notes during visits.

Make an Offer

Evaluate the Home: Assess the condition of the property, consider any necessary repairs, and determine a fair offer price.

Negotiate Terms: Work with your agent to draft and submit a competitive offer to the seller, including any contingencies.

Complete Due Diligence

Home Inspection: Hire a licensed home inspector to evaluate the property’s condition and identify any potential issues.

Appraisal: Arrange for a professional appraisal to ensure the home’s value aligns with your offer price.

Review Disclosures: Review seller-provided disclosures regarding the property’s history and known issues.

Finalize Your Mortgage

Finalize Your Loan: Provide necessary documentation to your lender, complete the underwriting process, and secure your mortgage.

Review Closing Costs: Understand and prepare for closing costs, which typically include fees for appraisal, title search, and insurance.

Close on Your New Home

Schedule the Closing: Coordinate with all parties involved, including your agent, lender, and attorney, to schedule the closing date.

Review Closing Documents: Review and sign all necessary paperwork, including the mortgage agreement, deed, and closing disclosures.

Receive Keys: Celebrate as you receive the keys to your new home and officially take ownership.

Plan for Moving In

Plan Your Move: Arrange for moving services or enlist help from friends and family to transition into your new home smoothly.

Set Up Utilities: Arrange for utilities (electricity, water, gas, internet) to be transferred into your name before moving in.

Conclusion

Buying your first home can be a rewarding experience with careful planning and preparation. By following this checklist and working closely with real estate professionals, you can navigate the process confidently and achieve your goal of homeownership.

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Wholesaling Properties: Real Estate Niche Without Money or Credit

Understanding Wholesaling in Real Estate

Wholesaling is a popular real estate niche because it offers immediate profit potential for investors who want to get into the business, even with no money or credit. The key to wholesaling lies in the art of putting the deal together. This involves locating properties, securing them with a sale contract or option, and flipping them to an end buyer. Successful wholesalers focus on making the right connections and formulating effective strategies. Women wholesaling houses are increasingly making their mark in this field, demonstrating that success in wholesale real estate investing is accessible to everyone.

Assignment of Contract: Profiting Without Owning Property

One of the most popular strategies in wholesaling is the assignment of contracts. In this transaction, the investor never owns the property but profits by buying and selling contracts. After locating a property and executing a contract with the seller, the contract is assigned to another buyer or investor for a fee. This fee can range from a few hundred dollars to tens of thousands, especially for commercial properties. Learning how to be a wholesale real estate investor can start with mastering this strategy.

Double Closings: Navigating Misconceptions and Legalities

Double closings involve a two-part transaction that has faced a lot of misinformation. Most jurisdictions accept this strategy if the deal is funded with a “wet closing” for the first part before being sold to another buyer. Transactional funding lenders provide the necessary funds, focusing on the presence of an end buyer rather than the borrower’s finances or credit. In double closing transactions, the dealer profits from the difference between the initial purchase price and the higher price agreed upon with the end buyer. A wholesale real estate mentor can be instrumental in navigating these transactions effectively.

BirdDogging: Scouting Properties for Profit

Scouting for properties, or BirdDogging, is another effective strategy. Scout dealers locate properties and connect with wholesalers and investors who might be interested. They collect a fee, usually ranging from $1,000 to $2,000, if the transaction is executed. This method requires keen research and networking skills to identify and pitch potential deals. Aspiring investors can benefit from online courses and mentorship to hone their scouting skills.

Subject To: Taking Over Mortgage Payments

Under the Subject To strategy, the investor takes over the seller's mortgage payments while the existing mortgage remains in place. The title is transferred via Quit Claim Deed. If the mortgage payments are current, lenders typically do not recall the loan despite the due on sale clause. The investor can then market and sell the property, keeping any proceeds. Additionally, offering a Lease Option to Buy to a tenant/buyer allows the investor to collect a deposit and rent.

Leveraging Wholesaling Strategies for Success

None of the outlined strategies-assignment of contract, double closings, BirdDogging, or Subject To-require money or credit from the wholesaler. The potential for success is limited only by the number of properties the investor can locate and flip. Wholesaling enables individuals to start investing in property without the need for significant capital or credit, making it an accessible entry point into real estate investing.

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What is the Deed of Reconveyance in the property preservation industry?

Mortgage lenders issue a deed of reconveyance when the loan is being paid and release the borrower from any commitments on the home loan obligation. It is an official record from a mortgage holder releasing the borrower from the loan. It is documentation that states that the home loan is settled and that the moneylender has accepted the settlement.Deed of reconveyance is applied when a home loan is fully settled.

It incorporates a legitimate description of the property that is generally authorized. Past to fulfilling the mortgage, the borrower also holds a deed of trust.It is necessary to ensure the document is accurate to keep and record it appropriately by submitting it to the county registrar or records office. Filing the documents is the official job to declare that the deed is off from any liens.

If the property does not hold to the standard documentation for the conveyance order, then the reconveyance order is conducted, and the property preservation inspection company performs re-inspection for the final verdicts.

How the deed of re-conveyance work order works? Recording the deed of reconveyance is based on the country in which the property locates. Any inspection of the property will prove that the lien is settled.A lien against the property cannot be sold unless the lien is a mortgage and the payment done is settled completely before the property sale. In such circumstances, recording the deed of reconveyance is essential to end the cycle of the property deal, and the records are usually dealt with by a title insurance agency.

Points to remember: A deed of reconveyance is generally given when a mortgage loan is settled completely. A mortgage holder who has gotten a deed of reconveyance can’t be seized upon by the loaning company. Home equity lines of credit (HELOCs) that keep up the security of the property after the first mortgage installment can even affirm their entitlement to foreclose the property for their specific loans.

Difference between the security interest and the deed of reconveyance: The bank has a security interest in the home when a mortgage loan is pending. The bank abandons the borrower, evicting him, and claim the property if the borrower defaults on paying the home loan. The lender then sells the property to satisfy himself by claiming the unpaid home loan obligation after the foreclosure process ends.

The deed of reconveyance states that the bank no longer has a security interest for the property. A mortgage holder who gets the reconveyance deed cannot be foreclosed upon by the loaning company, and he can transfer the property at any time as the holder is free from the lien.

Peculiar Consideration: A mortgage holder can be in a crisis of abandonment by the local government if he does not make timely property tax payments. This process starts with the written notice and without including the state court that perceives a non-legal foreclosure process, so the owners probably do not get much of the warning. A deed of reconveyance has no impact on or aid with the property tax payment process.

RPR Services is a property preservation work order processing company, which provides all types of REO services like inspections QC and processing services to National, Regional, and Inspection Companies. We offer the best professional team of experts who has an innumerable experience on P&P & REO work and can render all type of property preservation updating services.

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Conservative Strategies for Real Estate Wealth: Advice from Jay Conner

https://www.jayconner.com/podcast/episode-155-conservative-strategies-for-real-estate-wealth-advice-from-jay-conner/

Are you ready to unlock the keys to real estate success? Today,  Jay Conner, The Private Money Authority joins Jake Wiley on The Limited Partner Podcast and is here to help you transform the way you think about property investment.

Jay Conner’s story begins with a crisis that became a catalyst for change. After unexpectedly losing his line of credit, Jay was propelled into the world of Private Money and private lending. His response was remarkable; he raised over $2 million within 90 days, pivoting from conventional banking to building a network of private investors. This turn of events not only salvaged his immediate transactions but also tripled his business by tapping into the surge of foreclosures that marked the period.

Adapting to Market Shifts

Jake Wiley and Jay Conner delve into the importance of flexibility in the face of market fluctuations. They’ve seen the financial landscape oscillate between periods of abundant financing and its stark absence. Their experiences underscore the need to adapt swiftly to shifting circumstances, whether it’s by seeking alternative funding sources or embracing new investment opportunities that arise in times of upheaval.

Private Money: A Double-Edged Sword

While Private Money became the vehicle for growth for Jake and Jay, they discuss its intricacies with caution. They highlight the relationships with private investors, emphasizing the necessity for clear communication and robust legal protections to safeguard all parties involved. Establishing conservative loan-to-value ratios is part of their conservative approach, providing some security against unpredictable markets.

The Role of Education

Throughout the episode, the importance of educating potential investors is evident. Jay Conner in particular evangelizes spreading awareness about self-directed IRAs and the concept of private lending. By equipping people with knowledge on how to invest their retirement funds into real estate securely, he has expanded his investment potential while providing valuable returns to his lenders.

Preparing for the Future

As the world once again enters a period of economic uncertainty, both hosts share insights on protective measures and smart investing tactics. They address the complexity of different real estate investments, from single-family homes to commercial properties, and the varying degrees of risk and management they entail.

Conclusion: Empowering Investment Decisions

In a world where economic tides can turn overnight, the episode focuses on the resilience of strategic, well-informed real estate investing. Wiley’s invitation to the audience to contribute and learn from their shared knowledge extends the opportunity for growth and success to anyone willing to adapt, learn, and invest wisely.

Real Estate Investment Safety:

“If you are a real estate investor, borrowing the funds, always give the private lender a mortgage or deed of trust, that mortgage or deed of trust will protect them. That’s the only legal recourse that they’ve got when they’ve been investing.” – Jay Conner

10 Lessons Covered on This Episode:

1. “Credit Crisis”: Even with a strong credit score, lenders can revoke credit lines without notice, triggering a need for alternative funding.

2. “Private Lending”: Introduction to private money lending as a powerful alternative to traditional bank loans for real estate deals.

3. “Quick Capital”: Successfully raising over $2 million in private funds within 90 days showcases the potential of private lending networks.

4. “Investor Care”: Diligence in handling investor money is crucial for trust and success in real estate investing.

5. “Leverage Time”: Utilize the expertise and time of others to maximize investment potential and work smartly.

6. “Market Cycles”: Recognizing and adapting to changing market conditions is vital for survival and prosperity in real estate.

7. “Educating Investors”: Educating potential investors about self-directed IRAs can unlock huge private funding resources for deals.

8. “Crisis Management”: Turning a credit line crisis into a business opportunity by tripling investment business with private money.

9. “Win-Win Scenarios”: Creating investment opportunities that are beneficial for both the investor and the operator can drive business growth.

10. “Protecting Lenders”: Ensuring legal and financial protections for private lenders is imperative for a sustainable investment model.

Fun Facts:

1. Jay Conner was able to raise and attract $2,150,000 of Private Money in less than 90 days after losing his line of credit.

2. Jay and his wife have been investing in single-family houses since 2003 and are averaging a profit of $78,000 per house transaction.

3. Both Jay Conner and Jake Wiley experienced cycles of financing availability in the real estate market, having to raise Private Money when banks cut off funding.

Timestamps:

00:01 – Raising Private Money Without Asking For It

06:17 –Discovering private money, teaching others, creating success.

07:26 – Losing credit led to a $2.15M private investment.

12:09 – Conservative loan-to-value: protect lender, don’t exceed 75%.

14:17 – Secure private lending with mortgage and insurance.

19:26 – Private lending depends on the operator’s math.

22:11 – Quickly evaluate properties, make offers, move on.

26:24 – Invest in knowledgeable operators with good sources.

27:11 – Trust brokers, buyers, and operators for deals.

Private Money Academy Conference:

https://www.JaysLiveEvent.com

Free Report:

https://www.jayconner.com/MoneyReport

Join the Private Money Academy:

https://www.JayConner.com/trial/

Have you read Jay’s new book: Where to Get The Money Now?

It is available FREE (all you pay is the shipping and handling) at

https://www.JayConner.com/Book

What is Private Money? Real Estate Investing with Jay Conner

https://www.JayConner.com/MoneyPodcast

Jay Conner is a proven real estate investment leader. He maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal without using his money or credit.

What is Real Estate Investing? Live Private Money Academy Conference

https://youtu.be/QyeBbDOF4wo

YouTube Channel

https://www.youtube.com/c/RealEstateInvestingWithJayConner

Apple Podcasts:

https://podcasts.apple.com/us/podcast/private-money-academy-real-estate-investing-with-jay/id1377723034

Facebook:

https://www.facebook.com/jay.conner.marketing

Twitter:

https://twitter.com/JayConner01

Pinterest:

https://www.pinterest.com/JConner_PrivateMoneyAuthority

Listen to our Podcast:

https://www.buzzsprout.com/2025961/episodes/14846486

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Different Types Of Deed Transfer Service Sacramento Offered By The Lda Pro Legal

Deed preparation services are essential for those who wish to transfer property ownership. These services ensure that the transfer of ownership is done legally and accurately. LDA Pro Legal is one such firm that offers various deed transfer service sacramento . In this blog post, you will explore the different types of deed transfer services offered by LDA Pro Legal. Thus, read this blog through to the very end.

Hiring lda pro for your deed transfer: 6 different types of services offered by them 

Here listed below are all 6 different types of deed preparation services offered by the LDA Pro legal 

Quitclaim Deeds 

The very first deed transfer service Sacramento offered by LDA Pro Legal is a quitclaim deed. Ownership of real estate can be transferred between parties using this kind of deed, which comes with no guarantees or warranties. This implies that any liens, mortgages, or other claims that may still be pending on the property are not the responsibility of the person transferring the property. You can get assistance from LDA Pro Legal in creating and submitting quitclaim deeds. 

Grant Deeds

Grant deeds are used to transfer ownership of real property from one person to another with certain warranties or guarantees. This means that the person transferring the property guarantees that they have not sold or encumbered the property to anyone else and that there are no outstanding liens or claims on the property. LDA Pro Legal can help you with preparing and filing grant deeds.

Interspousal transfer deeds 

When a spouse wants to transfer ownership of real estate to the other without any guarantees or warranties, they use an interspousal transfer deed. Divorce proceedings frequently use this kind of deed. LDA Pro Legal can help you with preparing and filing interspousal transfer deeds.

Deed of trust 

A legal document known as a deed of trust grants a lender a security interest in real estate. This implies that the lender may seize the property if the borrower defaults on the loan. You can get assistance from LDA Pro Legal in creating and submitting trust deeds. 

Reconveyance Deed

An instrument that returns title to property from a trustee to the trustor upon the termination of the trust is known as a reconveyance deed. The trustee is the owner of this title until the note or obligation is paid in full. The trustee then executes the reconveyance to the borrower upon receiving a "Request for Full Reconveyance" from the beneficiary. Usually, when the promissory note is fully paid, the trust is terminated.

Sheriff’s Deed

Not to be overlooked is the Sheriff's Deed, which is a sort of deed granted to a party in the foreclosure of real estate seized under a money judgment against the property owner or in the course of a foreclosure on a mortgage. There are no guarantees or representations of any kind attached to the title conveyed; it is simply the one obtained by the state or the sheriff through the foreclosure.

So here are all the six different types of deed transfer service sacramento offered by the Lda Pro Legal, and if you find this blog useful, then do visit our official website today and explore our other services like paralegals for hire available at a very reasonable cost.

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Keys to Your Dream Home: A Comprehensive Home Loan Checklist for Aspiring Homeowners

In the kaleidoscope of aspirations, owning a home stands as a pivotal dream for many. Stepping into the realm of homeownership is a journey that often begins with navigating the intricate landscape of home loans. As an aspiring homeowner, you're embarking on a quest to secure the key to your dream abode. To guide you through this labyrinth, we present a comprehensive home loan checklist, ensuring you navigate the process with finesse and confidence.

1. Financial Fitness: The Bedrock of Homeownership

Before plunging into the world of home loans, assess your financial health. Lenders scrutinize credit scores, employment history, and income stability. To boost your chances of loan approval, polish your credit score and maintain a steady income. Consider settling existing debts to enhance your financial profile, giving you a head start in the loan approval process.

2. Down Payment Deliberations: Navigating the Initial Investment

The cornerstone of your home loan journey is the down payment. While lenders offer various financing options, a substantial down payment can reduce your loan burden. Aspiring homeowners should strive to save at least 20% of the property's value. This not only opens doors to better loan terms but also showcases your financial responsibility to lenders.

3. Loan Shopping Savvy: Explore Your Options

Not all home loans are created equal, and it's crucial to explore your options before settling on one. Different lenders offer varied interest rates, loan tenures, and terms. Dive into the intricacies of fixed and floating interest rates, understanding how each impacts your repayment journey. Collect quotes from multiple lenders to ensure you're securing the most favorable deal tailored to your financial landscape.

4. EMI Eminence: Balancing Affordability and Comfort

As you inch closer to sealing the deal on your dream home, calculate your Equated Monthly Installments (EMIs) meticulously. Strive for a balance between affordability and comfort. Your EMI should align with your monthly budget, preventing financial strain. Utilize online EMI calculators to gauge the financial impact of different loan structures, empowering you to make an informed decision.

5. Legal Landscape: Navigating the Documentation Terrain

The home loan process is riddled with paperwork, and understanding the legalities is paramount. Ensure you have a clear title deed, verifying the property's ownership. Lenders often require extensive documentation, including income proofs, property valuations, and legal clearances. Anticipate the paperwork marathon, keeping your documents organized and readily available to expedite the loan approval process.

6. Insurance Insights: Safeguarding Your Home Investment

Securing your dream home goes beyond loan approval; it's about safeguarding your investment. Consider opting for home insurance to shield your property against unforeseen events like natural disasters or accidents. Additionally, explore mortgage insurance, which covers your outstanding loan amount in case of unexpected circumstances. These protective layers fortify your homeownership journey, ensuring your dream home remains secure.

7. Fine Print Finesse: Scrutinizing Loan Agreements

The devil, they say, lies in the details, and nowhere is this truer than in the realm of home loans. Thoroughly scrutinize the fine print of your loan agreement. Pay attention to interest rates, prepayment penalties, and other hidden charges. Seek legal advice if necessary to ensure you comprehend every nuance of the agreement, preventing unwarranted surprises down the homeownership road.

8. Market Mood: Timing Your Home Loan

In the dynamic landscape of finance, timing plays a pivotal role. Keep an eye on market trends and interest rate movements. If feasible, time your home loan application during periods of lower interest rates, potentially saving you a significant chunk over the loan tenure. Staying attuned to the market mood empowers you to make strategic decisions in your pursuit of homeownership.

9. Future-Proofing Finances: Contemplating Repayment Strategies

Anticipate the future by contemplating repayment strategies. Assess your financial goals, considering potential salary hikes, windfalls, or investments. Evaluate the feasibility of making prepayments to reduce your overall interest burden. Crafting a dynamic repayment strategy ensures you navigate your home loan journey with foresight, adapting to the twists and turns of life.

10. Expert Echo: Seeking Professional Guidance

In the complex world of home loans, seeking professional guidance is a prudent move. Consult with financial advisors, real estate experts, and legal professionals to gain insights tailored to your specific situation. Their expertise can unravel complexities, providing clarity and direction, ensuring you embark on your homeownership journey well-informed and equipped.

In Conclusion: Unlocking the Doors to Your Dream Home

Embarking on the path to homeownership is a thrilling yet intricate journey. Armed with a comprehensive home loan checklist, you're not merely navigating a checklist; you're unlocking the doors to your dream home. From financial fitness to expert guidance, each key element contributes to the resonance of your homeownership symphony. As you traverse the landscape of home loans, may your journey be filled with confidence, clarity, and the sweet melody of success.

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Real Estate 101: What Is The Difference Between Short Sales and Foreclosures?

For homeowners who fall behind on their mortgage payments, mainly due to a sudden financial crisis, such as unemployment and other income loss, unexpected debts, interest rate hikes, or economic downturn, among others — the two main options available are either a short sale or foreclosure. 

In both cases, the owner is forced to part with their hard-won investment, turning their homeownership dream into a nightmare. 

Let's take a closer look at what these things are, their differences, and which is the better option for any homeowner depending on their situation and timeline.

A short sale occurs when the homeowner or property holder owes more on the mortgage balance than the sale price of the property at the point they want to sell. It happens when the home has substantially depreciated in market value since its purchase. For example, if the homeowner sells a house for $200,000, but still has a remaining mortgage loan balance of $250,000, that would be a short sale. The homeowner or seller is technically “short” by $50,000.

No short sale may happen without the blessing of the lender. Once the short sale is approved by the lender and the property is sold, all proceeds from the sale go to the lender. The homeowner gets nothing and ideally will be free of any financial obligations for the home. 

However, one thing to watch out for is the so-called “deficiency judgment”, which the lender can file against the homeowner to make up for the loss. While many states outlaw this practice, it's critical that you read over your paperwork or ask about it to ensure you won’t have any personal liability.

A foreclosure, on the other hand, is a legal process that takes place when a homeowner (or borrower, in this matter) stops making mortgage loan payments for a significant period of time. After three to six months of missed payments, a lender will issue a Notice of Default with the county recorder's office. The notice is to inform the homeowner that foreclosure proceedings have started, and they could be at risk of getting evicted. 

After receiving the notice of default, the borrower enters into what’s known as the “pre-foreclosure period”, which can last anywhere from 30 to 120 days. During this time, you’ll have the opportunity to work with your lender to avoid foreclosure, either through any of the following:

Paying the past due balance in full;

Modifying the mortgage terms and reducing your monthly payments;

Selling the home through short sale or deed in lieu of foreclosure.

If the debt isn’t resolved by the end of the pre-foreclosure period, the lender will step in and foreclose on the home. The homeowner will be evicted and a foreclosure auction will be scheduled to sell the house to a third party. If the property isn’t sold at auction, the lender becomes the owner and it’s then considered a bank-owned or real estate-owned property.

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SHORT SALE FORECLOSURE Homeowner's involvement Voluntary by the homeowner but requires approval from the lender Involuntary for the homeowner; the lender takes legal action to take control of the property Speed and timing Typically takes 90 to 120 days or even longer, since the bank won’t approve the sale without a buyer agreeing to its demands Moves along much faster since lenders want to recoup the costs incurred by the unpaid mortgage Impact on credit score Far less damaging to the borrower’s credit score Will stay on a borrower’s credit report for seven years Living in the home Homeowners can stay in the home until the sale is completed Homeowners are forced to vacate Payment terms (for buyers) Can be bought with a mortgage loan Can only be purchased with cash Method of sale Listed by a real estate agent specializing in short sales Auctioned