How is the current foreclosure moratorium instituted by Bank of America, Chase and GMAC going to affect your real estate investing business? Find out my take on this week's investing report below:
Recent Lender Foreclosures
If you have been keeping up with recent investing news, GMAC, Chase, and Bank of America, 3 of the top investing lenders, have stopped all of their foreclosure proceedings across the country. What will this foreclosure moratorium mean for you and why is it happening.
The current speculation surrounding this foreclosure suspension is an ongoing investigation of any shortcuts these 3 companies may have taken when processing foreclosures.
How Could This Benefit You?
If you are in the pre-foreclosure sector, whether that be short sales or loan modifications. These investing strategies are working better than ever due to the halting of foreclosure proceedings. These lenders are unable to foreclosure on any of their in-default loans, meaning that a short sale or loan modification are looking very attractive to them.
Many of my current students are benefitting from this foreclosure moratorium because it has allowed to take the extra time to tie up loose ends and close their deals.
Buyers Coming Out of the Woodwork
The number of buyers in the real estate market has been picking up since the news was released about the foreclosure moratorium.
Many of my students have reaped the fruits of this and have been able to successfully close their deals.
Pick Up Your Phone!
I have seen such a growing decrease in the number of people picking up their phone. If you are young, hungry, and searching for your next successful real estate deal, do not ignore those calls. A great opportunity in life will rarely present itself loudly. It comes quietly and must be acknowledged by you. Not able to answer phone calls? There is no reason for excuses! Make it clear in your voicemail when are available for calls. Put a system in place so that you are able to consistently return phone calls and hopefully never miss out on another opportunity. Overcome your fear of answering those phone calls. Your comfort zone will always equal your money zone!
Join the Apprentice Program
Looking to begin your real estate success journey? Don't go through your real estate journey alone. With Freedom Mentor, you will have an expert advisor available to teach, guide, and support you as you find a deal and close on your first property. Join the Apprentice Program today to get started!
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