Pre foreclosure sample letter
With national foreclosure default filings continuing to soar in the five
months of 2006, evidence mounts that increasing numbers of U.S.
homeowners are struggling to stay current on their monthly mortgage
payments.
Now builders are facing a downward market pressure from the rising
numbers of foreclosures. As evidenced by the drop in home sales reported
by builders, speculators are realizing their "investment" are starting
to lose equity as property prices drop, they in turn are forced to lower
their asking price.
Add to the problem an increase in mortgage rates and a hit to the budget
for gasoline, and home buyers have lost a huge number of their buying
power
All these downward real estate market pressures continue to build and as
foreclosures start to flood the market, prices will drop even faster.
Consideration points:
- Foreclosures are adding to supply
- Home builders are still adding to supply.
- Real estate investor psychology has changed, reducing demand.
It is these market conditions that will enable the shrewd real estate investor or first-time home buyer a unique opportunity to obtain real estate proerty during the market slowdown.
Keyword: Pre foreclosure sample letter
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Finding Quality Pre-foreclosure Listings
Using the internet, a number of web sites allow searches by state, county, city, and zipcode. A free listing service will only give you scanty information about which homes are going for pre-foreclosure but a paid service will give you much detailed information needed to proceed with the sale or investment of the property.
| Trial? | Updated? | Rating | Link |
| 7 days | Daily/Weekly | ***** | RealtyStore.com |
| ! Week | Weekly | **** | Bargin.com |
| 1 Week | Weekly | **** | RealtyTrac.com |
| 7 days | Weekly | *** | Foreclosurenet.net |
| 3 days | Monthly | *** | Foreclosure.com |
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Foreclosure Law
Foreclosure can be defined as the legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt...