On today’s podcast episode, I talk about investing in foreclosures, short sales and bank owned properties.
The Federal Eviction Moratorium and the Foreclosure Moratorium both recently expired (as of September 2021).
Current government guidelines recommend that banks and mortgage servicers try to “work out” and negotiate with homeowners that are delinquent on their mortgage.
Banks are able to modify the terms of the loan, can decrease interest rates, increase loan term, or add money owed to the back end of the loan. Many homeowners have taken advantage of forbearance options and will be able to modify their loan.
However, homeowners that are delinquent on their mortgage and cannot pay will be facing foreclosure. There are currently millions of homeowners who are delinquent on their mortgage and not in forbearance.
I anticipate that 2022 will be the year of foreclosures. Many of these homeowners will not be able to make their mortgage payments and the banks and mortgage service companies will be forced to file foreclosure notices.
I anticipate that this will result in an increase in foreclosures as well as an increase in short sales and bank owned properties down the line.
This will be an excellent opportunity for real estate investors. It is imperative that you learn NOW how to market to homeowners in foreclosure, how to negotiate a short sale, and how to bid on and buy bank owned properties on online auction sites.
I would also recommend that you learn about the foreclosure process in your State so that you are knowledgeable enough to talk to sellers that are in foreclosure. Marketing to homeowners in foreclosure will be a tremendous opportunity in 2022.
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