Lloyd Segal
California Foreclosure Institute: You can drive through almost any neighborhood and find homes where paint is peeling, severely faded, or is just one of those "What were they thinking?" paint jobs. Although bad paint on a house doesn't necessarily signify a homeowner in distress, it's something to look at, and learn from. Many housing tracts were built with between 4 and 6 house plans. If you see a "sad" looking home in a neighborhood, find another home (same model) in that area where the landscaping is maintained and there is quality paint on the house. The difference in value and desirability is exactly what you are looking for when building sweat equity.
Lloyd Segal: The next time you have free time, stop by your local bookstore, library, or go online. You will be pleasantly surprised with all of the books in the real estate section. In fact, there has never been so many books on real estate in general, and foreclosure investing in particular. There are books on financing, leasing, flipping, tenants, construction, property management, marketing, short sales, REOs, purchase contracts, lenders, foreclosure, and just about any other real estate topic you can imagine. And for the most part, these books are well written (particularly mine). So, now that you have successfully completed this book, read some of the other books and expand your knowledge. You’ll be glad you did.
Trained as an attorney, Lloyd Segal is a mortgage banker, author, real estate investor, and public speaker. Now located in Santa Monica, California, Mr. Segal was born in Pittsburgh Pennsylvania. He graduated Boston University and Southwestern University School of Law School (where he was the President of the Student Bar Association), and studied international
law at the University of Innsbruck, Austria. His previous writing credits include "Stop Foreclosure Now in California" (published by Nolo Press, Berkeley, CA), and "Stop Foreclosure Now" (published by the American Management Association, New York, NY). Last year, "Stop Foreclosure Now" was selected the "Best Personal Finance Book of the Year" by USA Book News.
California Foreclosure Institute
The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. Another benefit to the borrower is that it hurts his/her credit less than a foreclosure does. Advantages to a lender include a reduction in the time and cost of a repossession, lower risk of borrower revenge (metal theft and vandalism of the property before sheriff eviction), and additional advantages if the borrower subsequently files for bankruptcy.But don’t get me wrong, it is not easy. If it were easy everyone would do it! Investing takes work. But if you’re willing to do the work, I’ll give you the knowledge. And if you use the techniques in this book, you’ll become a successful foreclosure investor. So read on with the confidence that you’ll be learning investment secrets that most real estate veterans never share, and most novice investors never learn. As the saying goes, knowledge is power. The knowledge you will gain by reading this book will empower you to invest with confidence.
California Foreclosure Institute: With respect to your “willingness” to repay the loan, lenders review your current financial situation, your past credit history, and your credit score. The way lenders see it, how you've handled credit in the past is the best indicator of how you’ll handle credit in the future.
More information: Lloyd Segal, California Foreclosure Institute.
