Foreclosure Business News

Home Foreclosure News of the Day: Do a Short Sale — Get Up to $30,000

Y. Black, Site Editor — Thu, 17 May 2012 22:49:36 +0000

Lenders seem to be getting smarter when it comes to the foreclosure crisis. An article in the Christian Science Monitor reported tha foreclosures are down and short sales are up.

This means good news for homeowners facing foreclosure who are eager to shed their property and move on with their lives. The article reported:

Instead of foreclosing on people, a costly and lengthy process, they’re increasingly using short sales to move people out of homes they can no longer afford. Short sales are not only faster than foreclosures, they often turn out to be cheaper. By forgiving part of the loan up front (a loss they would take anyway during foreclosure), lenders can get possession of a house faster and sell it before it has had time to deteriorate. Homeowners get to shed their mortgage debt faster – and with less damage to their credit rating.

The article also mentioned that homeowners who complete a short sale could receive thousaands of dollars in relocation expenses — up to $30,000 – which can help them financially recover from a foreclosure.

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Buy Foreclosures Cheap! Get Firsthand Advice from a Real Estate Investor, Landlord and RE Cleaning Company Owner

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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Short Sale: Definition, Credit Implications, Tax Implications & More

What Is the Bank Short Sale Process for Sellers?

The Short Sale Process: How to Find a Short Sale Buyer for Your “About to Be Foreclosed On” Home

Short Sale Tax Implications: What Sellers Need to Know

The Top 5 Alternatives to Foreclosure: Which One is Best for You?

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

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Stop Foreclosure: How to Ready Your Home for a Fast (Short) Sale

2 Foreclosure Options for Homeowners with Little or No Equity in Their Homes

Home Foreclosure News: Bankruptcy Attorney Explains Why Foreclosure Is Inevitable for the Vast Majority of Homeowners Going Through the Home Loan Modification Process

Credit and Foreclosure: 5 Easy Things You Can Do TODAY to Start Repairing Your Credit After Foreclosure

Foreclosure & Credit: How Does Foreclosure Impact Your Credit Report?

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.

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California Foreclosure Law: A Closer Look at “The California Homeowner Bill of Rights”

Y. Black, Site Editor — Wed, 16 May 2012 16:43:12 +0000

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

Editor Note: This is a follow-up to yesterday’s post, which discussed foreclosure laws in California.

California was one of the states that took the hardest financial hit of the nation’s housing crisis. As such, many legislators have been busy introducing changes to California foreclosure laws, all designed to strengthen homeowner rights. Because of this, the bills have been dubbed “The California Homeowner Bill of Rights.” Following is a quick rundown of what the rights homeowners will have if/when these measures pass.

California Foreclosure Laws: Assembly Bills Summarized

Assembly Bill 2425 and Senate Bill 1471: These bills are designed to protect those who take out mortgages by doing the following (and more):

No More Getting the Runaround: This bill would define a mortgage servicer, and would, commencing July 1, 2013, require a mortgage servicer to establish a single point of contact when a borrower on a residential mortgage or deed of trust is 60 or more days delinquent;

You Get Paid If They “Robosign” Documents: The bill would provide that any entity that records a robosigned document, or files a robosigned document in a court relative to a foreclosure proceeding is liable for a civil penalty of $10,000 for each robosigned document; and

Allow Only Actual Owners to Sell: This bill would prohibit an entity from recording a notice of default or otherwise initiating foreclosure procedures unless the entity is the actual holder of the beneficial interest under the deed of trust, and would prohibit an entity acting as agent from doing so without specific direction from the actual owner of the beneficial interest under the deed of trust.

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Spring is Here! And, there’s 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! 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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Assembly Bill 1602: The rights bestowed by these bills are basically to ensure:

i) Prove Ownership: Creditors must prove that they are indeed the actual owner of a property via proper documentation;

ii) No Foreclosure During Modification: No foreclosures can take place if a borrower is in compliance with a loan modification plan, forbearance, or loan repayment plan, as specified, or if a short sale or deed-in-lieu of foreclosure has been approved;

iii) Deadline for Borrowers: Borrowers must be provided a deadline within which to submit an initial application for a loan modification;

v) Personal Service: Notices of foreclosure have to be erved in person, among other rights.

Senate Bill 1470: The purpose of this bill is to amend California’s foreclosure laws, by making permanent the servicing standards and other provisions of the National Mortgage Settlement.

Assembly Bill 1950: This bill would impose a new $25 fee to be paid by mortgage servicers when a notice of default is recorded. The fee would be deposited into a real estate fraud prosecution trust fund that would support the attorney general’s efforts to deter, investigate and prosecute real estate fraud crimes, including the work of the Mortgage Fraud Strike Force.

Stop Foreclosure in California

While it’s too late for thousands who’ve lost their homes, these measures will help homeowners stop foreclosure in California in the future, which means that at least something meaningful has come out of this housing crisis.

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

The OTHER Foreclosure Settlement: You May Be Eligible to Be Paid TWICE – Even If You Didn’t Lose Your Home to Foreclosure

Home Foreclosure News of the Day: Some States Not Using Foreclosure Settlement Monies to Help Struggling Homeowners

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

Timeline For Foreclosure In All 50 States

“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?

Recent Forclosure Job Listings

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 5/11/2012

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 5/9/2012

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

California Foreclosure Law: New Mortgage Laws Introduced

Y. Black, Site Editor — Tue, 15 May 2012 16:16:22 +0000

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

Stopping Foreclosure in California: A Bevy of New Laws Introduced to Strengthen Homeowner Rights

As one of the hardest hit states in the foreclosure crisis, California homeowners have had their fair share of mortgage debt troubles. Robo-signing, unlawful foreclosures, sinking property values and high numbers of abandoned homes have all plagued California residents over the last few years. As the mortgage lending industry continues to be policed by federal regulatory agencies, there is some sign of improvement. However, California lawmakers are considering a new bill package that is aimed at better protecting homeowners and increased regulations for lenders.

Nearly 500,000 Californians that have lost their home to foreclosure since 2008, a driving force behind the new bill package being pushed by California Attorney General, Kamala Harris. The bill package includes a total of 11 new bills, five of the more notable bills overlap as Assembly and Senate bills.

ASSEMBLY AND SENATE “HOMEOWNER BILL OF RIGHTS” PACKAGE

California Foreclosure Law Addressing Robosigning

In response to the robo-signing and unlawful foreclosure practices that many lenders have been found guilty of, Assembly Bill 2425 and Senate Bill 1471 increase the due process rights of borrowers. Under these bills, lenders would be required to provide homeowners at risk of foreclosure with a point of contact prior to initiating any proceedings against the property.

Penalties will be imposed on any lender found guilty of signing off on foreclosures without properly following procedures. Borrowers will also be allowed to challenge foreclosure proceedings in court if they choose to do so.

Assembly Bill 1602 and Senate Bill 1470 would call to extend the protections contained in the national mortgage settlement to all California homeowners. Lenders would be prohibited from filing default notices on properties that are currently being reviewed for alternative solutions to foreclosure. These bills also call for lenders to be able to provide documentation proving the right to foreclose on the property before proceedings could be initiated.

Assembly Bill 1950 would allow for prosecutors a four year window of opportunity to pursue charges against lenders for foreclosure-related crimes. Lenders would also be required to pay a $25 fee for each default notification that is filed, money that will be used to fund mortgage investigations by the attorney general’s office.

The remaining three overlapping bills of importance in this package address a variety of issues from increased attorney general rights to the rights of advanced notification for renters of a foreclosed property. In these bills, lenders cannot evacuate a home of a renter unless advanced notification of the foreclosure was provided.

California Foreclosure Law: Renter Protection

Renters will be allowed more time to vacate the premises, rather than receive an abrupt eviction notice.

California Foreclosure Law: Penalties for Owners of Abandoned/Foreclosed Properties

Cities will also be given the power to impose penalties on owners of abandoned or distressed foreclosures, in effort to defend against the negative consequences of some foreclosures.

Preventing Foreclosure Fraud in California

The attorney general will be allowed to create a special grand jury to conduct investigations into financial and mortgage-related crimes.

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

The OTHER Foreclosure Settlement: You May Be Eligible to Be Paid TWICE – Even If You Didn’t Lose Your Home to Foreclosure

Home Foreclosure News of the Day: Some States Not Using Foreclosure Settlement Monies to Help Struggling Homeowners

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

Timeline For Foreclosure In All 50 States

“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?

About the Author: Written by Chris Marvin Lee, who understands that financial hardships can affect honest, hard-working people. Growing up in a very blue collar family and rural area of Indiana, money didn’t always come easy for his parents. The struggles his family faced in his childhood made a significant impression on his business philosophy today. As a Fort Worth foreclosure attorney his practice has given him the opportunity to help many people save their homes from foreclosure.

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

Y. Black, Site Editor — Mon, 14 May 2012 23:49:22 +0000

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

Many new investors are entering the real estate marketing looking to buy foreclosures cheap. But, it can go wrong all too easily, as the story of a Mississippi woman learned the hard way. What happened?

She bought a foreclosure and invested thousands in it — renovating it in hopes of flipping it for a profit. But, it turns out that her realtor had sold her the wrong property. The one she’d actually purchased was actually a few feet away — and it was much smaller and in need of a lot of repairs; it had extensive mold.

What makes the story even more disconcerting is that there was no outright fraud or deceit in her case. It was simple incompetence, as outlined in the HuffingtonPost.com article, Terry Jordan, Mississippi Woman, Sold Wrong Foreclosed Home, which states:

Banks are still showing signs of disorganization on all things foreclosure. . . . The foreclosure process has been criticized as an impersonal experience, with little room for negotiating with banks. Some claim that banks often are too disorganized to even acknowledge receiving paperwork . . . .

This unfortunate story underscores the fact that with so many cheap foreclosures on the market — and with lenders being in such a rush to get them off their books — you have to do your due diligence as a buyer.

Although . . . you’d think you could trust your realtor and the lender who’s selling the foreclosure to get a simple address correct – right?

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.

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 5/11/2012

Y. Black, Site Editor — Fri, 11 May 2012 20:58:35 +0000

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

Property Preservation Subcontractor Needed (Ft. Pierce, FL (and Surrounding Areas)): Complete work on foreclosed / REO properties. Tools/Equipment Needed: Reliable transportation (truck); commercial –grade lawn care equipment (eg, mower, weed eater, edgers, blowers, etc.); general handy man tools; and digital camera (to take before/after pictures). Paid weekly. Get full details on this property preservation job.

Property Preservation Vendor Wanted for Lawn Mowing / Foreclosure Cleaning Jobs (Dallas (Princeton), TX): Clean and remove trash/debris from foreclosed homes; also maintain lawn on ongoing basis. Requirements: Ability to lift 50+ lbs. Get full details on this foreclosure cleaning job.

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Spring is Here! And, as these opportunities illustrates, 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! 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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Property Preservation Subcontractors Sought (South Florida (Ft. Pierce & Surrounding Area)): Seeking several contractors to complete work on foreclosed / REO properties. Tools/Equipment Needed: Reliable transportation (truck); commercial –grade lawn care equipment (eg, mower, weed eater, edgers, blowers, etc.); general handy man tools; and digital camera (to take before/after pictures). Paid weekly. Get full details on this property preservation job.

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Editor Note: Learn How to Pass a Property Preservation Quiz for Foreclosure Cleanup Subcontracting Work.
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Property Preservation Subcontractors Needed (Seattle, WA): Experienced, reliable contractors needed to work on REO / foreclosed properties (residential) in WA, as well as other states. Must have own (dependable) transportation, as well as general handyman tools; your own general liability insurance; and a digital camera (will be required to provide before/after pictures of properties). Duties include: ongoing lawn maintenance (Mar – Oct); winterization; securing /removing pools; boarding up of windows/doors; preparing bids; etc. Rate of Pay: Depends on by price sheets for common work and bids submitted by other contractors. Get full details on this property preservation job.

Property Preservation Crews Needed in 2 States (AZ; CA): Seeking fast-working, reliable crews who can perform complete trashouts, ie, general cleaning, lawn maintenance, board-ups (windows/doors); lock changes; property securitization; winterization; etc. Ongoing work required (eg, bi-weekly lawn mowing). Must have general liability insurance, as well as all necessary tools and lawn care equipment. Time is money – we seek property preservation specialists who understand this. Get full details on this property preservation job.

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

Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/Construction Type Jobs

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

Recent Listings

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 5/9/2012

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

Facing Foreclosure? Thinking about Doing a Short Sale? Here are the Answers to 10 Frequently Asked Short Sale Questions

Y. Black, Site Editor — Thu, 10 May 2012 23:50:39 +0000

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

If you’re facing foreclosure, one of the things you can do to avoid it is conduct a short sale.

What is a short sale?

In case you don’t know, a short sale is when you sell your home for less than what it owed on it. We’ll go over the definition again inteh article below. Also, you can learn much more about short sales in a week-long series we did on this topic last summer. The entire series of posts — which covers everything from tax implications to what to expect during the process – are as follows:

Short Sale: Definition, Credit Implications, Tax Implications & More (July 5th)

What Is the Bank Short Sale Process for Sellers? (July 6th)

The Short Sale Process: How to Find a Short Sale Buyer for Your “About to Be Foreclosed On” Home (July 7th)

Short Sale Tax Implications: What Sellers Need to Know (July 8th)

Now, on to the article entitled . . .

10 Frequently Asked Short Sale Questions

After reading the above series of articles, you should have a really good grasp of what shorts sales are and the pros and cons of selling your home this way. For more clarifying detail, following are some commonly asked questions about this real estate transaction (from both a seller and a buyer’s point of view).

1. What happens to the seller’s credit rating when they allow an investor to short sell their property?

What typically happens is the loan will show up as “paid” on their credit report; however there will be a notation that says “settled for less than originally owed” or something along these lines. It is more favorable for a homeowner to short sell than to have a foreclosure on their credit report.

2. Where do you find investors for Short Sales?

Depending on where you live, you may see investors who advertise with bandit signs or in your local newspaper. Call the investors directly and ask them if they are experienced in doing short sales and if they would be interested in working with you. Another good place is your local real estate investors’ club meeting.

3. Define Short Sale?

A short sale is really a form of pre-foreclosure sale and occurs when the mortgagee agrees to accept less than the loan amount to avoid foreclosure. A negotiated short sale results in a discounted purchase price for the buyer. The buyer would finance the acquisition much the same as in any conventional realty acquisition . . . but without the luxury of time.

4. Can a homeowner (seller) profit from a short sale?

The seller cannot profit (monetarily) from a pre-foreclosure short sale. But there are always exceptions to the rule.

5. How do bankruptcies affect the possibility of doing a short sale?

Most mortgagees won’t consider a short sale if the homeowner is in bankruptcy. Why? Because negotiating a short sale payoff is considered a collection activity. Collection activities are prohibited in bankruptcy.

6. Can somebody tell me what documents do I have to include in a short sale package?

What’s required varies from lender to lender, so there is no cut and dried answer. In short, documents needed depend on the lender and each lender has different requirements. It is typical to require the following: a hardship letter, a purchase and sales contract, ECOR, a settlement statement (HUD 1), net sheet, pay stubs, bank statements, a personal financial sheet (monthly budget), etc.

7. What percentage of mortgage companies send someone out for an appraisal on a possible short sale?

All lenders order a BPO or full appraisal of the property before making their decision to accept or reject the short sale offer. This is there only way of assessing the value of the property.

8. How late in the pre-foreclosure process can you start a short sale?

Try to allow a window of at least 90 days to effectuate a mortgagee- approved, pre-foreclosure short sale.

9. What is a Due on Sale Clause?

“Due on Sale” Clause (DOS) Provision in a mortgage or deed of trust calling for the total payoff of the loan balance in the event of a sale or transfer of title to the secured real property. A contract provision which authorizes the lender, at its option, to declare immediately due and payable sums secured by the lender’s security instrument upon a sale of all or any part of the real property securing the loan without the lender’s prior written consent.

For purposes of this definition, a sale or transfer means the conveyance of real property of any right, title or interest therein, whether legal or equitable, whether voluntary or involuntary, by for deed, leasehold interest with a term greater than three years, lease-option contract or any other method of conveyance of real property interests. Standard language which states that the loan must be paid when a house is sold.

10. Will banks allow a short sale when the owner has some or a good amount of equity?

If a property has what the lender would consider a substantial amount of equity, chances are they would consider allowing the property to foreclose and then reselling it closer to the retail value. Focus on homes that do not have much equity. Your job will be to create the equity in the home by negotiating a successful short sale.

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

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Stop Foreclosure: How to Ready Your Home for a Fast (Short) Sale

2 Foreclosure Options for Homeowners with Little or No Equity in Their Homes

Home Foreclosure News: Bankruptcy Attorney Explains Why Foreclosure Is Inevitable for the Vast Majority of Homeowners Going Through the Home Loan Modification Process

Credit and Foreclosure: 5 Easy Things You Can Do TODAY to Start Repairing Your Credit After Foreclosure

Foreclosure & Credit: How Does Foreclosure Impact Your Credit Report?

About the Author: Mr. Fowler has been a real estate investor for over 15 years specializing in the area of pre-foreclosure/short sale investing. He has bought and sold over 200 homes in Georgia, Florida, Louisiana, and Tennessee using the same short sale techniques that he teaches in his course, Making Money with Short Sales: The Complete Guide to Acquiring Property Pre-Foreclosure. Mr. Fowler currently resides in Atlanta Georgia. He also spends many hours per month teaching his creative real estate investing techniques to other aspiring investors across the country.

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

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 5/9/2012

Y. Black, Site Editor — Wed, 09 May 2012 18:53:26 +0000

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 info — Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/ Landscaping / Construction Type Jobs.

City Landscaping Contract (Ridgewood, NJ): The Ridgewood Public Library seeks proposals from qualified landscape maintenance contractors to perform professional upkeep to grounds and paved areas comprising the Pease Property, 30 Garber Square in Ridgewood, NJ.Tour of grounds to be held on May 11, 2012 (not mandatory). Deadline to Apply: May 24, 2012. Get full details on this landscaping contract.

Post continued below . . .
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Spring is Here! And, what better 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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Property Preservation Company Seeks Lawn Mowing Crews (Long Island, NY): Rapidly growing property preservation seeks reliable vendors who can manage mowing 25+ lawns a day, 5-7 days per week. Must have driver’s license. Get full details on this lawn care job.

Property Preservation Contractors Needed (Tyler, TX & Statewide)): Duties: Secure foreclosed on/REO properties; ongoing lawn maintenance; remove trash and debris, winterization; boarding up of pools, doors and windows; general repairs (eg, electrical, plumbing); etc. Get full details on this property preservation job.

Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/Construction Type Jobs

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

How to Pass a Property Preservation Quiz for Foreclosure Cleanup Subcontracting Work

Y. Black, Site Editor — Tue, 08 May 2012 20:49:42 +0000

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

Did you know? Many larger property preservation companies are now requiring the completion of quizzes by subcontractors.

As a smaller foreclosure cleanup business, your company can sign up for subcontracting work with larger property preservation companies. You can offer your services on a subcontracting basis for work such as inspections, repairs, lock changes and window boarding, lawn maintenance, winterization, interior trash-outs, exterior debris removal, etc.

Many of the larger companies are increasingly requiring the smaller subcontractor to complete a quiz to be considered for foreclosure cleanup subcontracting work with their companies. These quizzes are simple “weeding out” tactics so the larger companies can get the most qualified subcontractors.

More Job Leads Listed Below . . .
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Get 1,500 Contacts to Start Landing Foreclosure Cleaning Jobs. Learn more in the The Property Preservation & Real Estate Industry Contracting & Subcontracting Directory.

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Are You Familiar with HUD Guidelines?

Many of these mini-exams are designed to determine your level of understanding of HUD guidelines for property preservation work. Many of the larger companies get a great deal of their properties directly from HUD Management and Marketing (M&M) Contractors.

The M&M Contractors literally market and manage single-family properties owned by, or in the custody of HUD. (These are homes that had an FHA-insured mortgage where the homeowners defaulted on the payments. The lender or mortgage company that suffered as a result of the default ultimately deeds the home to HUD in exchange for an insurance claim payment.)

A property preservation quiz can range from the very simple to the ultra-complex. Check out some sample questions and answers below.

Sample Questions and Answers

Many quizzes contain common real estate industry definition-type questions as they relate to the Department of Housing and Urban Development. For example, a quiz may ask the following:

Question: What is the definition of Conveyance Condition as it relates to a HUD property?

Answer: You could state something very simple, such as the following: For a property to be in Conveyance Condition, as it relates to foreclosure cleanup, the property must be undamaged (undamaged by flood, fire, hurricane/tornado, boiler, etc.); the grass must be cut; the property must be sufficiently winterized; all debris and hazardous and unhealthy materials must be removed; and the property must be efficiently boarded and secured, including all pools and hot tubs, at minimum.

Another sample question you may come across on a test may be the following:

Question: Please describe in detail the steps you must take when you winterize a property with a dry heat system.

Answer: Dry Heat Systems. The hot water heater and all domestic water supply and distribution piping must be drained in a manner sufficient to prevent freezing and other damage. All valves and faucets are to remain open during process. (After draining has been completed, they should be closed.) An appropriate amount of antifreeze should be placed in all fixture traps, including in toilet bowls and tanks.

To set yourself apart as a potential foreclosure cleaning subcontractor, you could go into greater detail in your answer. For example, using the above winterization question, you could elaborate on the answer by describing winterization requirements in greater detail by pulling information from HUD guidelines (which can be found pretty easily by scouring the internet).

For example, you could include the following in your answer:

Answer – Generally properties are to be winterized once between October 1 and March 31, though there can be exceptions based on local requirements. Unless otherwise specified, winterization should include cleaning toilets and draining of all heating systems and plumbing in a manner sufficient to prevent damage and freezing. Air pressure, or in some cases antifreeze, can be used to clear system and prevent freezing.

All tasks should be performed taking local and state codes and regulations into account. Before and after photos, along with other supporting documentation, must be submitted for reimbursement.

More Sample Questions

Here are a few more sample questions you my come across when taking a foreclosure cleanup subcontractor quiz (see if you can find the answers online yourself):

During a trash-out you notice there is a motorcycle in very good condition in a detached garage. What should you do?

When does grass cutting season start and end in your geographic coverage area?

Describe services performed during a formal trash-out?

What steps should you take if you arrive at what is supposed to be an empty property with an order to secure it and you find out it is occupied by someone?

All of the above answers can be found in the HUD Guidelines, which, again, can be found online, and in the Pricing Guide for Foreclosure Cleanup Businesses.

Don’t Let a Quiz Deter You

Though many of the larger, more formalized, companies require completion of a quiz to register your foreclosure cleanup business with their companies, many do not. So search around the internet, and if a company seems to be a fit for your business service-wise and geographically, don’t let a quiz prevent you from signing up as a potential subcontractor with their company.

Forging Alliances is the Key to Growing Your Business

Do your research and attack the quiz with fervor. As a smaller foreclosure cleanup company, getting subcontracting work via the larger preservation companies that service your area can add exponentially to your bottom-line. Many of these larger companies often service hundreds of properties at one time, across several states. Forging an alliance with the larger property preservation company is the key to really growing your foreclosure cleanup business.

Other Foreclosure Cleanup Opportunities

Many wishes of success with the above foreclosure cleanup job leads, and don’t forget to check into your local housing authorities for small business contracting opportunities as well as to seek procurement contracts via HUD and the federal government. Tons of procurement money out there for small businesses.

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Foreclosure Clean Up Business News: Housing Crisis Deepens, Presenting Evergreen Opportunities for All Kinds of Cleaning Businesses

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Read more blog posts at this link: How to Start a Foreclosure Cleanup Business: FREE Articles & Advice.

About the Author: Cassandra Black is a Foreclosure Cleanup Business Consultant and a noted industry author of several foreclosure cleanup industry Guides, Reports and Forms available via AMAZON and Stone Cottage Books. She is also the author of the Foreclosure Cleanup Industry Blog. Follow Cassandra and Foreclosure Cleanup, LLC on Twitter.

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

Y. Black, Site Editor — Mon, 07 May 2012 18:58:33 +0000

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

If you’re a homeowner facing foreclosure, one thing that might have happened is that you’ve let your homeowners insurance lapse because you can no longer afford to pay the premium. This is a common occurrence for many homeowners who are in dire financial straits.

What lenders do when this happens is they’ll usually pick up the insurance for the homeowner. This is understandable as lenders need to protect their property in case disaster happens (eg, a tornado, flood, fire, etc.).

But, the tragedy in all of this is that the insurance policies that lenders put in place usually cost double or triple what a homeowners was paying when they had their own insurance.

A Homeowners Insurance Policy Increases by 2.5 Times When Lender Takes Over

One homeowner verified this, writing:

I paid about $80 per month [$960/year) for my homeowners insurance policy. When my insurance lapsed and the lender got insurance, that policy costs about $2,400 per year! I was shocked when I saw it because I knew that if I were to eventually save my home from foreclosure, I was going to have to pay it. I thought, “Why couldn’t my lender just use the same company and get the same policy I had – at the same cost?”

This is highway robbery!

If this has happened to you, the Bloomberg article, Look Who’s Pushing Homeowners Off the Foreclosure Cliff, sheds some light on it, stating:

Banks and their mortgage servicers strike arrangements — often exclusive — with insurance companies in which the banks agree to buy high-priced policies on behalf of homeowners whose coverage has lapsed. . . . It’s a lucrative business. Premiums on force-placed insurance exceeded $5.5 billion in 2010, according to the Center for Economic Justice, a group that advocates on behalf of low- income consumers. An investigation by Benjamin Lawsky, who heads New York State’s Department of Financial Services, has found nearly 15 percent of the premiums flow back to the banks.

It doesn’t end there. Lenders often get an additional cut of the profits by reinsuring the force-placed policy through the bank’s insurance subsidiary.

If this doesn’t sound like another foreclosure scam, I don’t know what does!

The good news is that lawmakers are starting to take a look at this “force-placed” homeowners insurance. One of the proposed measures is requiring lenders to do what the homeowner above stated, which is to “reinstate a homeowner’s previous policy whenever possible” and going a step further, do some comparative shopping when it’s not possible to reinstate a homeowners old policy.

Seems like common sense, no?

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

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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.

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Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 4/30/2012

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 4/23/2012

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

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Foreclosure News of the Day: Foreclosures Did WHAT in March Nationwide?

Y. Black, Site Editor — Tue, 01 May 2012 22:54:45 +0000

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

March Brings Good News for American Homeowners Facing Foreclosure

The number of U.S. homes struggling through foreclosure held steady in March but fell from a year earlier, new data show, indicating that the huge wave of foreclosures that some housing experts keep predicting isn’t even a whitecap yet.

About 1.4 million homes, or 3.4% of all homes with a mortgage, were at some stage in the foreclosure process last month, the same as in February but down slightly compared with 1.5 million in March 2011, Santa Ana research firm CoreLogic said.

Get full details in the LATimes.com article, Foreclosures held steady in March.

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