A common foreclosure myth

A common foreclosure myth is that it’s a one-time event. Homeowners miss a mortgage payment or two, and the lender swoops in and scoops up the property. The fact is that foreclosure is typically a long, drawn-out legal process that begins with missed payments, proceeds through some sort of legal system, and often results in homeowners losing their homes. An understanding of the foreclosure process reveals the various stages at which you can purchase properties. By knowing what to expect, you can often diminish disappointment and maximize your opportunities.
Anywhere along the way, the homeowner has options to interrupt the process and regain control of the property. I point out these opportunities so you can better assist homeowners in making choices and to give you a heads up of what a homeowner can do to derail your purchase plans. Homeowners find themselves facing foreclosure for any number of reasons, including long-term illness or disability, overspending, substance abuse, divorce, and gambling, to mention only a few. As a real estate investor, you gain nothing by judging people in foreclosure. The best way to approach homeowners in foreclosure is with respect and empathy. By enabling homeowners to put the past behind them and establish a more solid financial footing, you may place them on a more productive path.