Saturday, December 15, 2007

Refinancing Through Foreclosure

By Sean C Anderson

Times have been tough. A lot of people are losing their homes to foreclosure. You can be eaten by the wolves or join the pack. Creative people often find opportunity in despair. Right now you probably have a job, decent credit score, and some equity built up in your home. My suggestion would be to sell your home and take a loss if necessary and to turn that loss into a gain by buying a foreclosed home.

Anyone can see that they can take a 20% hit if they can buy a home of similar value at 50% of market value. It takes a lot of research but if your home is foreclosed on you'll find yourself in the same bind with less room to maneuver. Besides with planning you don't have to take a loss. This all depends upon the immediacy with

Eliminate some of the risk by doing research. Often you can find foreclosed homes on the internet. If you have a couple weeks vacation spend it house hunting, and following up on leads. You can often find a house in the area you live that will still afford you the same standard of living and allow your children to go to the same schools. Get an idea of the places you can go to find foreclosed homes and familiarize yourself with the process of purchasing these homes. While your doing this put your house up on the market and set a high price. Right now you don't have to be in a hurry to sell and you can ask for a better price. If someone buys your house and you can earn some money great. Take the family to your parents for a little bit, find a short-term apartment or stay in a hotel if needed. It shouldn't take you long to find a new house if you have been aggresively seeking deal, as a matter of fact you should try to have a few home targeted for purchase.

If you have familiarized yourself with foreclosure properties you should be able to find a home fast. More often than not you will be able to find a better deal, have lower mortgage payments and increase your equity in the new property all by simply staying ahead of the game. Be careful though, remember it is always possible to lose money. Get the home inspected, follow through with escrow and get insurance. There is nothing worse than losing money through repairs, a faulty title or causes you could have taken precautions against.

Even if you are not a real estate investor you should be able to devote the time to better secure your families future and your financial standing. Inaction leaves you in a risky situation, taking action allows you to control the risk. By dedicating yourself to the process of change, becoming educated and taking action you can build wealth even in desperate times. Always buy foreclosed the best refinancing is a great home purchase.

Find foreclosures by following the provided link Refinancing Foreclosure

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