November 4, 2007

Buy Real Estate For Under US$10,000 -- bargain savings

Foreclosure properties are really just a procedure in where a bank or lending agency repossesses and liquidates real estate because of the mortgagee’s delinquency and failure to pay their loan payment. The bank really seizes and takes ownership of the property. This is a common occurrence in Jamaican real estate and US real estate. There are typically two types of real estate in both the US and Jamaica. The first is based on foreclosure ordered by the courts or the judiciary called a judicial foreclosure sale. This means that initially the principal on the mortgage is added to the outstanding interest effectively capitalizing it then coming to a final payout. The sale of the property is supervised by the court and then it is sold the bank is paid first, then other creditors, fees are deducted and then the mortgagee collects the difference. Foreclosure by powers of sale also involves seizure but takes a much shorter time as the court is not involved. In Jamaica this is NOT ALLOWED but it is in some states in the USA. We believe that this is very important in any event. As with the judiciary sale all proceeds go primarily to the mortgage bank, then to other creditors, and finally to the mortgagee. The issue really should go to the courts where the person has the opportunity to pay up the outstanding and save their properties. However WE BOUGHT A FORECLOSURE PROPERTY FOR 9,700.00 in New York. It was a simple process we signed up for a listing and in a week we had over 3,000 choices, we picked one applied for a mortgage loan and got the property in a three week closing. You should sign up to this if you are serious about getting revenue.

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