Paralyzed Columbine Shooting Victim Facing Foreclosure

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Richard Castaldo fought for his life 13 years ago in Colorado when he was shot by two teens at Columbine High School. Now, he is struggling to keep his condominium in Southern California, trying to ward off foreclosure like millions of others.

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Castaldo, who is confined to a wheelchair and has a bullet lodged permanently in his spine, was one of the first students shot on April 20, 1999, when he was 17.

Read the full story of how this Columbine shooting victim came to face foreclosure.

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Home Foreclosure News: Occupy Wall Street People Have Been Stealing Our Ideas on How to End the Home Foreclosure Crisis

Olympic Foreclosure! Gold-Medal Winner Ryan Lochte’s Parents Face Foreclosure

Celebrity Foreclosures: O.J. Simpson’s Miami Home in Foreclosure; Comedian Tracy Morgan’s Mom’s Home in Foreclosure (and He Won’t Help)

Celebrity Home Foreclosure News: CSI Actor Losing Home to Foreclosure

Celebrity Foreclosure News: Famous R&B Singer Hasn’t Paid Mortgage for Over a Year, Yet He Is Still Unlikely to Lose His Home to Foreclosure

Celebrity Foreclosures in 2011: From Sports Greats to Entertainment Superstars, Home Foreclosures are Not Limited to the Average Joe

Home Foreclosure News of the Day: Celebrity “Beach” Daughter in Foreclosure and Iraq War Veteran Suing Over Illegal Foreclosure

Celebrity Home Foreclosure News: West Wing & Thirtysomething star Timothy Busfield May Lose Home in January

Tiger Woods’ $865,079.36 Monthly Mortgage Payment

Octomom Avoids Foreclosure

Stopping Foreclosure: “Extreme Home Makeover” Family Held Raffle to Avoid Foreclosure?

Another Extreme Home Makeover Family Facing Foreclosure: Are These Families Irresponsible?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.)  — in your jurisdiction — before taking any action based on the information listed here.

Foreclosure Notice: How to Understand It & What to Do When You Receive One

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

When a Foreclosure Notice Will Be Issued by Your Lender

Usually, a lender will issue a foreclosure notice as soon as you miss a couple of mortgage payments (2, no more than three in most cases). What you will receive in the mail is a notice of default (aka foreclosure notice). This is the initial step in the foreclosure process; it must be filed, presented and/or posted for the process to begin.

As an aside, a foreclosure notice can provide  provides real estate investors with a wealth of information that can assist in the overall investment process. So whether you’re an investor — or a homeowner who’s received a foreclosure notice — following are the different components of it.

Foreclosure Notices of Default: What They Consists Of

A case or reference number on your notice of foreclosure notice: With this, you can easily search for information in foreclosure data bases. This can simplify the process of searching for properties to purchase, especially for professional foreclosure investors who target numerous properties at the same time.

Insertion date: This is the date of the publication in which the foreclosure notice has been posted.

County: The is simply the county in which the foreclosed property is located. This information is very important because when you know the county, you know which county’s register of deeds office to visit. You will also be able to research the title and mortgage information related to the property using this info. 

Legal lot, subdivision, and city: This is the legal legal description of the property, which makes it easy for investors to locate the mailing address of the property.

FYI, if you’re a homeowner in foreclosure — just in case you didn’t know — foreclosure inforamtion is a matter of public record. And this is why you’ll start receiving notices from everything from bankruptcy attorneys to refinance companies.

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Name of the mortgagor: The mortgagor is the homeowner, typically the borrower.

This information on the notice of foreclosure is useful to investors if they, for example, want to contact the homeowner in pre-auction sales.

Name of the mortgagee: The mortgagee is the lender who holds the note on the property; the entity that is responsible for  foreclosing on the property.

Amount owed on the mortgage: The exact amount you as a homeowner owe on the mortgage is only accurate on the date the foreclosure notice is published. Even though the amount may change between the time the notice is published and the time the sale occcurs (eg, a foreclosure auction), as an investor, good records of the amount owed on the mortgage stated on the notice will provide you with an estimation of the actual opening bid amount.

Interest rate of loan: That’s information you need to know when you track down the amount owed on the property. When the mortgage remains unpaid, the loan amount will increase over time as interest will be added up to the loan amount. This can help you track the amount owed as it increases over time.

The mortgage company’s attorney: If you have the mortgage company attorney’s name and contact information on hand (which is conveniently provided on foreclosure notices), you can contact the attorney and check the sale date, opening bid and other related information.

As a homeowner, this gives you time to formulate a plan of action — eg, do a short sale, prepare a request for cash for keys, do a deed-in-lieu of foreclosure, etc.

Length of the property’s redemption period: In some areas, homeowners have the rights to redeem the property (aka right of redemption) in a certain period. If you are new real estate investor, it’s a good idea to avoid properties that have a redemption period. If you decide to invest in a property like this anyway, be sure to verify the redemption period when you do your research (check, double check and triple check!).

About the Author: This article appears courtesy of guest author , with additional input by Yuwanda Black, Editor, ForeclosureBusinessNews.com. To learn more about real estate investments, visit http://todaysrealestateworld.com/.

Received a Foreclosure Notice?

Following are some links to some informational articles that can help you decide what your next step should be if you’ve received/are anticipaing receiving a foreclosure notice of default.

Stop Foreclosure: More than 90 Days Late on Your Mortgage? Here’s a Foreclosure Prevention Program for You

Timeline For Foreclosure In All 50 States  

Mortgage Foreclosure Timeline: How the Foreclosure Process Works & How Long You Actually Have to Move if You Eventually Lose Your Home

Short Sale vs. Foreclosure: What’s the Difference between Them and Which One Hurts My Credit (FICO) Score More?

5 Banks Settle Foreclosure Lawsuits — How It Can Save Homeowners Facing Foreclosure Thousands of Dollars

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Stopping Foreclosure: What the “Produce the Note” Defense Is & How It Can Help You Save Your Home from Foreclosure (Or at Least Stall)

Could Recent Mortgage Law Challenges Mean More Homeowners Won’t Face Foreclosure and/or That They Were Illegally Foreclosed On and Can Keep Their Homes?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

Recent Forclosure Job Listings

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 11/18/2012

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 11/4/2012

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.)  — in your jurisdiction — before taking any action based on the information listed here.

Happy Thanksgiving

Buying Cheap Foreclosures: 3 Things to Look for That May Not Occur to You If You’re a First-time Investor

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

There’s a ton of information about buying cheap foreclosures on the internet. Much of it is repeated over and over again on different sites. And, for good reason – a good journalist will always cover the essentials. In this post, you won’t find that though.

Following are three specific things to think about if you’re interested in investing in foreclosed property – especially cheap foreclosed property.

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Buying Cheap Foreclosures: Insight for New Real Estate Investors

I. Liens: Everyone investor knows to look for things like tax liens when researching a property But, you should also look for things like undisclosed hazards and property deficiencies. Most banks/lenders will reveal next to nothing about a property, so it’s up to you to do your due diligence before investing in a cheap foreclosure. 

What are some of the undisclosed property hazards you should be looking for? Three non-obvious ones come to mind, ie:

     Environmental (eg, chemical plant leak close by that caused decrease in property value);

    Criminal (eg, was house used by drug dealers to grow and sell marijuana or meth); and

    Extraordinary Situation (eg, did a murder take place, or is the house known for being “haunted).

Learn more about how to handle property hazards / home defects.

II. Purpose: Many – especially first-time investors – fail to think through what investing in a foreclosure will mean for their future. A property is like a baby – it has to have ongoing care. So before you invest one dime, think about WHY you want to invest. Is it to:

Shore up your retirement savings? Or

Live in as your primary residence? Or 

Flip for a profit?

Whatever your motivation, be sure to know what it is, what it’s going to mean to/for your finances and how it may/can change how you spend your free time (eg, will you mow the lawn and do repairs, or will you be able to afford to hire someone to do it for you).

III. Real Estate Professional: In this day and age – because there are so many cheap foreclosures on the market – working with a real estate professional who specializes in REO property may be in your best interest. 

These are unusual times in real estate; the foreclosure crisis has created situations that the industry has never experienced before. And every lender has their own set of rules and regulations. Hence, even some realtors (those who don’t specialize in REOs) don’t know how to navigate the “buying cheap foreclosure” waters.


Cheap Foreclosure: 3 Bed/1 Bath Home in Atlanta for $18,500

Buy Foreclosures Cheap: A Home for Under $20,000

It’s deals like the one listed here that have many newbies interested in buying cheap foreclosed property. But, you must know what you’re doing – or you could lose your shirt.

Good luck!

Related Posts

3 Places to Find Cheap Foreclosure Properties Online – For Free

Wall Street Big Shots Getting in the Foreclosure Rental Market: What This Means for the Average Joe

What to Expect When Buying Foreclosures! From Finding a Property, to Getting a Foreclosure Loan, to When to Make an Offer

Buying Foreclosures Cheap — for as Little as $500 — Is REALLY Possible! Here’s Proof

Buy Foreclosures Cheap: Private Equity Firms are Snapping Up Foreclosed Properties – What This Means for the Average Joe

Buy Foreclosure House: What You Need to Know about Purchasing Pre-Foreclosures

Buying Foreclosures Cheap: Teenager Shows It Can be Done — Buys Foreclosed Property for $13,000 and Clears $700/Month in Rent

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Home Foreclosure News of the Day: Why Some Cities are Tearing Down Foreclosed Homes

Cleveland Foreclosures: City Giving Land Away — The Reality of Foreclosure and What It’s Going to Take to Stop the Crisis from Getting Worse

Because of Home Foreclosures, Buying a Home Is Cheaper than Renting in Almost 75% of Largest American Cities

Home Foreclosures Causing Hard Time for Home Builders

Home Foreclosures Lead to Sustained Bright Outlook for Some Builders: Here’s Why

P.S.: Get Foreclosure Clean Up (& Other Real-Estated Related) Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.)  — in your jurisdiction — before taking any action based on the information listed here.

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 11/18/2012

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

FYI: See this post for some helpful infoAdvice on Bidding for Foreclosure Cleaning and Other Lite Commercial/ Landscaping / Construction Type Jobs.

Family-Owned Foreclosure Cleaning Company Seeking Subcontractors (San Antonio, TX): Duties: Trash and debris removal; lawn maintenance; winterizing; perform general repairs. Lots of volume. Pay Schedule: Two weeks after job is complete (direct deposit offered). Get full details on this foreclosure cleaning job.

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State-Wide Property Preservation Company Seeks Subcontractors (Colorado): We service foreclosed properties for banks. We have a lot of volume in the Greeley, Loveland, Denver, Breckenridge and Monument areas. We are looking for crews with a handyman background and have all the required equipment to complete job orders. Get full details on this foreclosure clean up job opportunity.

Independent Property Preservation Contractor Seeks Help (Illinois / Wisconsin): The following areas are serviced: Racine, Kenosha, Walworth-Lake and Mchenry counties. Duties:  Winterizations; general repairs; lawn maintenance (ongoing); foreclosure / eviction cleanouts; etc. Equipment Required: Cell phone with internet capability; digital camera; laptop/computer; valid driver’s license; and foreclosure business insurance. Get full details on this property preservation / foreclosure clean up sub-vending opportunity.

Related Posts that Can Help You Learn the Industry & Get More Foreclosure Cleaning / Property Preservation Jobs

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2012 Yuwanda Black for Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

How a Real Estate Attorney Can Help You Stop Foreclosure: 3 Specific Ways

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

For many homeowners facing foreclosure, a foreclosure attorney is an option. Usually, by the time it gets to this point, a hoomeowner is frustrated, tired and feeling like they have no other option because their mortgage company has put them through the wringer.

Foreclosure lawyers definiely have their place — they can help you prevent foreclosure in several ways. So, don’t feel like they’re an option of last resort. Sometimes, they can help you speed through the foreclosure process — and have it resolved in your favor.

Following are three ways a foreclosure attorney can help you stop foreclosure.

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3 Ways a Real Estate Attorney Can Help You Stop Foreclosure

(Note: The following is a guest post courtesy of on behalf of of Gary F. Kinsella, a Boston Real Estate Attorney)

A real estate attorney is the person to turn to when you simply cannot work with your mortgage lender on your own any longer.

When you agree to the terms of a mortgage and sign the documents for it, you position yourself for a set number of years to repay the loan. If you cannot maintain the agreement you set originally, the lender has the right to sue you for the funds you owe. If you cannot pay, the court may force a foreclosure to occur. In this process, the property is sold so that the lender can recoup some of its invested money. You lose out. If you are in this position, it is time to talk to a lawyer about the options.

A Foreclosure Lawyer Can Stop the Foreclosure Process via Bankruptcy

One of the steps that the real estate attorney may take is simply stopping the foreclosure action. To do this, he or she may advise you to file for Chapter 13 or 7 bankruptcy protection. If you are in the last few phases of this process, though, this may be the only option. The key here is to allow the lawyer to work with your lender to find a solution if possible. By stopping the legal action, it is possible to get some time to accomplish this.

A Foreclosure Attorney Can Help Modify Your Home Loan by Working with Your Lender

In some cases, the lawyer will work with the lender to modify the loan. You may be able to do this on your own, but it is a difficult process. More importantly, you simply cannot get this wrong. It is essential that you work with your lender to make sure that you qualify for any type of modification you can obtain. This will allow the lender to restructure the loan with lower monthly payments or moving late payments to the end of the loan with the goal of making it easier for you to get caught up.

A Foreclosure Lawyer Can Negotiate Lowering Court Fees and Costs with Your Lender

In some cases, the amount you have to pay the lender to simply get caught up on such debt is incredible due to fees and court costs. The lawyers may be able to work with the lender to negotiate this lower. This could help you to make the payments you missed and get caught up on the loan.

Additionally, a real estate attorney will help you with stopping the foreclosure process if you feel you did not receive adequate notice or the lender violated some other right.

You may also be able to fight to recover your home after the lender, depending on where you live, has foreclosed on it. There may be hope. If there is, these attorneys will help you to find it.

Related Posts

Foreclosure Lawyer: Need One? How Not to Get Ripped Off & Choose the Best One

Mortgage Foreclosure Timeline: How the Foreclosure Process Works & How Long You Actually Have to Move if You Eventually Lose Your Home

How to Avoid a Deficiency Judgement After Foreclosure

Could Recent Mortgage Law Challenges Mean More Homeowners Won’t Face Foreclosure and/or That They Were Illegally Foreclosed On and Can Keep Their Homes?

Underwater On Your Home? Filing Chapter 7 Bankruptcy? Should You Reaffirm Your Mortgage?

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

About the Author: There is a Boston Real Estate attorney ready to help area residents navigate through this difficult and often stressful process. For quality legal guidance, locals should visit http://www.gkinsellalaw.net today.

P.S.: Get Foreclosure Clean Up (& Other Real-Estated Related) Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.)  — in your jurisdiction — before taking any action based on the information listed here. 

Foreclosure Sales and Evictions Suspended because of Superstorm Sandy

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Homeowners in foreclosure affected by Hurricane Sandy can take one worry off the table – losing their home in a foreclosure auction or being evicted from it.

That’s because mortgage giants Freddie Mac and Fannie Mae have suspended foreclosure sales and evictions in areas affected by Superstorm Sandy. As the two organizations back about 70% of all U.S. home loans, this is good news for a lot of homeowners.

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Freddie and Fannie are also helping further, as explained in the article, Foreclosures Suspended in Disaster Areas, ie:

In addition, the two mortgage giants [have] expanded on the relief efforts they announced days after the storm. Loan servicers can now offer 90-day postponements of mortgage payments much more quickly to storm victims by offering them over the phone and they can also extend that forbearance by up to 12 months, without having to consult Fannie and Freddie.

Learn more about the suspension of foreclosure sales due to Superstorm Sandy.  

Related Posts

How to Avoid Superstorm Sandy Home Repair and Insurance Scams: 5 Useful Tips

Foreclosure Property and Flood Insurance: Critical Info Every Homeowner Needs to Know before It’s Too Late

Foreclosure Advice: What to Do When You’ve Stopped Making Mortgage Payments, But the Bank Won’t/Hasn’t Foreclosed

What to Expect When Buying Foreclosures! From Finding a Property, to Getting a Foreclosure Loan, to When to Make an Offer

Buying Foreclosures Cheap — for as Little as $500 — Is REALLY Possible! Here’s Proof

Buy Foreclosures Cheap: Private Equity Firms are Snapping Up Foreclosed Properties – What This Means for the Average Joe

Buy Foreclosure House: What You Need to Know about Purchasing Pre-Foreclosures

Buying Foreclosures Cheap: Teenager Shows It Can be Done — Buys Foreclosed Property for $13,000 and Clears $700/Month in Rent

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed? 

P.S.: Get Foreclosure Clean Up (& Other Real-Estated Related) Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.)  — in your jurisdiction — before taking any action based on the information listed here. 

Use 401K to Buy a Home: Using Retirement Funds to Buy Foreclosures Replacing Investing in 401K as Retirement Plans for Many?

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Many Americans have seen their 401K investments decimated over the last few years. Also, many have lost a ton of equity in their homes. These two factors have ted a perfect storm for many who are looking for ways to shore up their retirement plans. How?

Many Americans are Using Their 401K  to Buy a Home (a Foreclosure / Foreclosed Property)

Many regular, run-of-the-mill working Americans are choosing to take the monies they would have socked away in a 401K retirement account (or use funds they already have in a 401K) and invest in real estate – specifically buying foreclosed properties.

In the Bloomberg article, Foreclosures Drawing Cash as 401K Returns Sag: Mortgages, a couple explains why/how they’ve chosen this route to shore up their retirement income, stating:

“It’s an income stream for us, and when it’s time, we’ll sell it and make more money than we could from our 401K,” said Haisley, 49, who rents out the property for $900 a month for an annual return of more than 20 percent, excluding appreciation. “There’s nowhere for prices to go but up, so it seemed like a pretty safe bet.”

Can Your Borrow Against Your 401k to Buy a Home (Specifically, a Foreclosure)?

The short answer is yes, you can. One of the easiest ways to do it is to set up what’s called a self-directed IRA. This type of IRA has restrictions, some of which are outlined in the article, Buy Foreclosures With Your IRA, which features an investor in Reno, NV who bought a commercial property using this method.

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Some of the rules of using a self-directed IRA to invest in foreclosures (distressed properties) as described in the article are:

The property must be used purely as an investment, with all the income going directly back into the IRA. The owner may not occupy the home or even use it as a vacation property. The owner can manage the property, doing maintenance and supervising the renting, or can hire a rental management company which would be paid for out of the IRA. 

Rules for Using Your 401K to Buy a Home

So to recap, following are some of the main things you need to know if you want to use your 401K to invest in foreclosures.

Must be a 100% investment property – you can’t even use it as a vacation home. 

Set up a self-directed IRA to complete – and manage – the purchase.

Use the IRA to pay cash for the property. 

Find a property manager or become a property manager yourself to oversee the care/maintenance of the property.

Save cash for contingencies related to the property (eg, repairs, ongoing maintenance). 

All cash/profits generated by the property must be rolled over into the self-directed IRA.

You pay taxes on any profits WHEN you take it out – which could be years down the line when you retire (not before). 

Terminology Related to Using a 401k to Buy a Home

Some other terms you might want to research to get a full understanding of this topic include real estate IRA, checkbook IRA, and solo 401k.

Related Posts on Buying Foreclosures

3 Places to Find Cheap Foreclosure Properties Online – For Free

Buying Foreclosures Cheap Can Actually Cost You More: What Happened to This Buyer Can Happen to You

Wall Street Big Shots Getting in the Foreclosure Rental Market: What This Means for the Average Joe

What to Expect When Buying Foreclosures! From Finding a Property, to Getting a Foreclosure Loan, to When to Make an Offer

Buying Foreclosures Cheap — for as Little as $500 — Is REALLY Possible! Here’s Proof

Buy Foreclosures Cheap: Private Equity Firms are Snapping Up Foreclosed Properties – What This Means for the Average Joe

Buy Foreclosure House: What You Need to Know about Purchasing Pre-Foreclosures

Buying Foreclosures Cheap: Teenager Shows It Can be Done — Buys Foreclosed Property for $13,000 and Clears $700/Month in Rent

Buying Foreclosed Homes and Renting Them Back to Previous Owners Is Illegal: Is It Time for the Right-to-Rent Act to be Passed?

Home Foreclosure News of the Day: Why Some Cities are Tearing Down Foreclosed Homes

Cleveland Foreclosures: City Giving Land Away — The Reality of Foreclosure and What It’s Going to Take to Stop the Crisis from Getting Worse

Because of Home Foreclosures, Buying a Home Is Cheaper than Renting in Almost 75% of Largest American Cities

P.S.: Get Foreclosure Clean Up (& Other Real-Estated Related) Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.)  — in your jurisdiction — before taking any action based on the information listed here. 

How to Avoid Superstorm Sandy Home Repair and Insurance Scams: 5 Useful Tips

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

As if losing your home and/or suffering severe damage to your home isn’t enough, many homeowners will — unfortunately — fall prey to destruction of another kind. What?

Scammers!

When Disaster Strikes, Scammers are Not Far Behind — Beware!

Whenever disaster strikes, in whatever form, the scammers come out. And you can bet your bottom dollar a ton of them are salivating at taking advantage of the thousands of home and business owners who suffered losses during Superstorm Sandy.

Billions of Dollars Going to Home and Business Owners Affected by Superstorm Sandy

The reason is, billions of dollars from the federal government, in addition to private insurance companies, will be coming to victims. And scammers want to get their hands on as much of it as possible — if you let them.

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Now’s a great time to start a foreclosure cleanup business! Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off! Click the box to learn how.

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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Do These 5 Things to Avoid Superstorm Sandy Home Repair and Insurance Scams

In order not to fall prey to home repair and insurance scams following this powerful storm, following are 5 things to keep in mind, ie:

Stay in contact with your insurance agent;

Don’t pay in a lump sum up front;

Don’t be pushed/rushed by a contractor into making a decision;

Do your investigative homework before hiring anyone; and

Trust your gut.

Get full details on how to effectively carry out all of these tips — and more, in the Today show article, “Avoid superstorm Sandy insurance and repair scams.”

Related Posts

Foreclosure Property and Flood Insurance: Critical Info Every Homeowner Needs to Know

The Insurance “Scam” That’s Forcing Many Homeowners into Foreclosure

Foreclosure Scams: 5 Things to Look for Before Using Any Company That Promises to Help You Stop Foreclosure

Foreclosure Scams: How to Avoid Being Ripped Off by “Foreclosure Rescue” Companies

How to Stop Home Foreclosure For Over 2 Years Without Making Payments: Do it Yourself for Free — Here’s How

Stopping Foreclosure: What to Do When the Bank Refuses to Accept Your Mortgage Payments & Tries to Escalate the Home Foreclosure Process

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move  

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Stopping Foreclosure: What the “Produce the Note” Defense Is & How It Can Help You Save Your Home from Foreclosure (Or at Least Stall)

P.S.: Get Foreclosure Clean Up Job Leads! Bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

Recent Foreclosure Clean Up Job Listings

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 11/4/2012

Note: Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal (or any other type of professsional) advice. It is for general purposes only. Please consult a qualified professional — in your jurisdiction — before taking any action based on the information found here.

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 11/4/2012

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

FYI: See this post for some helpful infoAdvice on Bidding for Foreclosure Cleaning and Other Lite Commercial/ Landscaping / Construction Type Jobs.

Foreclosure Cleanup Subcontracting Crews Needed (Austin, TX): We have over 20 years of experience and seek qualified sub-vendors to work on pre- and post-foreclosure properties. Duties include initial and ongoing lawn maintenance; trash and debris removal; boarding up windows/doors; rekeying/changing locks; general cleaning; rehabbing/repairing properties; evictions; etc. Compensation: $100,000 to $150,000 worth of subcontracted work. Pay: Every 14 days (w/ no monies being held back for initial 30 days). Get full details on how to apply for this property preservation job.

Property Preservation Company Seeking REO Vendors (Chicago, IL): Seeking subcontractors to perform the following duties: winterizations, trash and debris removal; boarding up windows/doors; mold remediation, rekeying/changing locks, etc. Must have valid driver’s license, a good driving history, no criminal background, be willing to submit to and pass drug test and physically fit (eg, able to lift 100 lbs). Get full details on how to apply for this property preservation job.

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As these property preservation job listings prove, there are plenty of foreclosure cleanup (and RE-related) jobs out there. Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off!

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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Property Preservation Company Seeking REO Vendors (New Haven, CT): Immediate work available. Seeking qualified contractors to service REO properties in the Bridgeport/New Haven area. Duties include lawn maintenance, rekeying/changing locks; removing trash/debris, winterizing properties, perform lite/general repairs, etc. Get full details on how to apply for this property preservation job

National Property Preservation Company Seeks Subcontractors (Panama City, FL): Subcontractors must be able to provide the following services: lawn maintenance; eviction duties; trash and debris removal; cleaning to get property ready for resale/rental; tarping of roofs; boarding up of windows and doors; pool covering; etc. Must have excellent time management skills, as most jobs require a 24-48 hour turnaround time. Also need familiarity with HUD guidelines. Equipment needed: computer/laptop with internet access; digital camera. This is a 1099 (ie, non-employee) paid position. Get full details on how to apply for this property preservation job.

Regional Property Preservation Company Seeking Experienced Subcontractors (Philadelphia, PA): Seeking qualified vendors who can service vacant and tenant-occupied, bank-owned and foreclosed properties. Our firm is expanding and we seek experienced independent contractors who can perform the following duties, which include, but are not limited to: lawn maintenance; winterization; general handyman services; trashous; etc. Must have own general liability insurance. Get full details on how to apply for this property preservation job.

Here Are More Related Posts that Can Help You Learn the Industry & Get More Foreclosure Cleaning-Type Jobs

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2012 Yuwanda Black for Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.