What People Say About Buy my repossession property

Buy my repossession property? This sounds like a plea from a bank who just made the only bid for the mortgage on a piece of property that they sent to the sheriff for auction. Actually, most lenders would prefer to work with a homeowner and either reconfigure the loan or make adjustments to the payments due on the loan. But, now, the bank has inherited a piece of real estate and will need to initiate formal foreclosure proceedings. Since the foreclosure process can be quite expensive, a lender would naturally prefer that someone drop by to chat and offer to buy my repossession property before this process is initiated.

Did I mention that bank business does not include buying real estate? So, you can imagine their chagrin when they acquire it by default! The folders in the mortgage departments in many banks are bulging this year as short term owners without much equity and with ARMs come due for their first periodic renewal. These adjustable rate mortgages are a product of the shaky sub-prime lending market. They have "teaser" introductory rates designed to attract higher risk applicants.
This creative lending approach is not new. However, the depths of the "teasers" are so low that renewal time will bring new meaning to the term "sticker shock." This new breed of sub-prime rates started to surface between 2003 and 2005. It was touted as a fixed rate mortgage for a few years and after that it would have an annual market-rate adjustment.

The configuration for this type of loan, when advertised, looks like: 3/1 (3-year fixed and adjusted each year after that) or 5/1 (5-year fixed and adjusted each year after that). The 3/1 loans began to renew about a year ago and shortly after that came the bankruptcy filings, foreclosures and repossessions. The new payment levels are just too far over the edge for homeowners with these sub-prime programs.

A little-known fact is that this entire process can be halted at any point in the process. However, the best time is when the sheriff's auction ends and the bank is the highest (or only) bidder. Real Estate investors seek out these opportunities, especially if a property has more than one loan. The lesser loans, sometimes referred to as junior loans, can be settled by an investor for mere pennies on each dollar. The primary loan is larger, but still less than the assessed value of the property. By doing some basic math, even the average person can see that there is a good profit to be made here.

When a bank becomes overwhelmed with property acquisitions, they put out the word for people to come and buy my repossession property. The savvy investor is usually the first one through the door. This person can see the profits in buying real estate this way. It is even more meaningful if the person buying the property intends to live there. Banks have tightened their lending practices but will finance these properties to worthy, qualified buyers. Lenders are surely looking forward to ending their pleas for people to come and buy my repossession property.

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