WELCOME TO SKYNET USA ASSET MANAGEMENT & CONSULTING, INC.
We in the Foreclosure Business Since 1989'
SEEKING PRIVATE INVESTORS SHORT TERMS WITH HIGH RETURN!
ROI 20% - 30% SECURED BY GRANT DEED OR DEED OF TRUST
现金周转
需要现金私人投资
1. 投资: 香港银行项目 赚大钱的机会
2. 投资: 银行拍卖的房子
1. 投资: 香港银行项目 赚大钱的机会
2. 投资: 银行拍卖的房子
3. 投资: 收购将要上市的股票公司
Skynet USA asset Mnagement & Consulting, Inc. Tel No.702.969.5599 E Mail. johnnyhong1962@gmail.com
SKYNET USA ASSET MANAGEMENT & CONSULTING, INC.
Welcome to Skynet Real Estate Investments (SREI)
Skynet Real Estate Investments (SREI) We Specialized in Foreclosure Business since 1989’
Mr. Johnny Hong is a Certified with Fannie Mae, Freddie Mac, FDIC REO’s Specialist since 1989’
We! Buy/Sell Foreclosure Properties.
We! Buy/Sell Deed of Trust Deed (1st/2nd TD Note).
We! Lending Emergency Cash to Stop Foreclosure. (Credit Score as low as 300)
Free Consultation!! Bankruptcy Chapter (7,13,11)
Short Sale, Loan Modification, Principle Reduction, and Litigation Predatory Lending Act.
Seeking Private Investors Short Terms with High Return!
ROI 20% - 30% Short Terms Secured by Grant Deed or Deed of Trust.
FREE! The 3 Best Ways to Invest In Foreclosures, Pre-foreclosures, Short Sales, REO's!
Skynet Real Estate Investments (SREI) – Real Estate Investing
Skynet Real Estate Investments (SREI) is a Real Estate Investment Firm specializing in the research, valuation, acquisition, rehabilitation, and sale of distressed investment properties.
Since its inception, Skynet Real Estate Investments (SREI) is focused primarily on the purchase, rehabilitation and sale of condominiums, single-family homes, and 1‐4 unit residential properties.
Whether you are looking to become a long-term investor, procure a foreclosure property as an investment or purchase as your primary residence, we can take you step-by-step through the purchasing process. SREI prides itself on working hand in hand with:
• Realtors: Allowing realtors the opportunity to sell our inventory before MLS exposure.
• Buyers: Allowing buyers the opportunity to purchase our inventory before MLS exposure.
• Investors: Managing each partners portfolio.
Investment Properties For Sale
Skynet Real Estate Investments (SREI) concentrates its efforts in regions where profits and the return on our clients’ investment are substantially higher than the going market rate of return, including:
• Condominiums
• Single-Family Homes
• 1‐4 residential units
Become an Investor
SREI professionally manages each partner’s portfolio and coordinates all transaction responsibilities including, but not limited to eviction, renovation, marketing, sale, and transaction coordination are handled through our in house resources.
SREI built its success on the foundation of excellent due diligence. We are methodical and disciplined in our approach to potential real estate investments
Skynet Real Estate Investments (SREI) has developed an extensive network of strategic business relationships and alliances with such industry professionals as:
• - Banks & Financial Institutions
• - Private Investors
• - Realtors®, REO Agents and Asset Managers
• - Wholesalers & Bulk Agents
• - Quality Contractors & Vendors
Profitable Real Estate Investment Opportunities
Real Estate Investments and You Investing in real estate can still be a profitable and safe venture. Whether you are purchasing your own home to be your nest egg, or you are investing in the market for purely a financial investment, the real estate industry is still a good choice. Speculators understand Real Estate investing benefits Speculators are turning to Real Estate investing as they discover the potential profits that they may make. They are learning that Real Estate contains real value that endures and grows over time. They know that flipping houses (or selling houses onwards) can yield good profits quickly, provided the initial investment decision was well founded. Real Estate short sales are of interest to them too, and we frequently notice them flipping Real Estate like this onwards that they found here. Move quickly at Real Estate short sales Real Estate short sales take place when a troubled owner decides to sell their home for market value, as opposed to what they owe the bank. As a result, a Real Estate short sale often represents a bargain when median values are down. The same applies to commercial Real Estate short sales too. The Real Estate investing short sales secret is to move quickly when you find a bargain. The Real Estate short sale process is no more complicated than a Real Estate foreclosure purchase. Buy Real Estate REO properties and other Real Estate at Real Estate short sales now.
Real Estate Investments
Real Estate Investments, for the prudent buyer, can be an excellent source for building a strong portfolio. After years of a booming market, the bottom has literally been blown out. A market that was besieged with astronomical prices, and “creative” financing to accommodate those soaring prices, has led to the highest percentage of foreclosure properties and bankruptcies since the Great Depression. Property owners are literally just walking away from their homes. This has left the market flooded with inventory. Sadly, these days it is not uncommon to see as many as three for sale signs on any given block. This drives prices down and creates a real buyers market. With all the foreclosures and bankruptcies, a savvy buyer can acquire profitable properties at bargain prices. Now is the perfect time for you to make a decision about Real Estate Investments.
It cannot be stressed enough that once you have decided to invest, the planning stage is vitally important. This is the time you determine your goals, research your market, and inquire about available financing if need be. You then map out a plan that will bring this all together. You can do this alone if you are confident in your abilities, but it is advisable to contract the services of a real estate broker and allow him to help you connect the dots and protect your interests.
Once you have your plan outlined, you can begin to act. Properties that are in foreclosure, bankruptcy, or up for a tax deed sale offer unbelievable bargains. They would be sound investments for any buyer as these properties are currently being sold for as much or more than 50% below market value. This market allows the buyer great flexibility while having the potential to maximize profits.
Foreclosure Process
The following is a generalized breakdown of the foreclosure process, as each State has specific laws associated with it (contact your State’s Government Housing Office). The information contained within these pages should not be considered legal advice. You should consult an attorney for advice regarding your individual situation.
It is important to understand the Foreclosure process. Knowing your legal rights and seeking foreclosure assistance can be the difference between keeping or losing your home. Stay in communication with your bank and do not ignore them. Banks do not want your home, and are not in the business of buying and selling property. They are in the business of financing your home and want you to stay in your home. They may be willing to work with you to accept partial payments right up front until you've caught up, as long as you keep in communication with them.
Pre-foreclosure Stage
1. Once you are a few months past due, you will get what is called a Notice to Accelerate letter. At this point, you will need to pay the past amount plus any late fees they assess you to stop the foreclosure process. You may also receive a letter saying that they may accelerate the due date of the loan and start the foreclosure process if you do not pay by a certain date.
2. The bank will hire an attorney and will forward you a Demand Letter if you do not respond by paying the full amount due on the date the bank has established in their Notice to Accelerate letter. The Demand Letter officially notifies you that if you don't bring your mortgage current, the foreclosure process is going to start in the court system. You will also be responsible for any attorney fees added to the delinquent amount, unpaid interest and late charges that are added to the loan, which will make it more expensive to stop foreclosure later on.
Foreclosure Lawsuit Stage
3. In the second stage of taking the Foreclosure process, if you do not respond to the previous Demand Letter by paying the full amount due plus any attorney fees, unpaid interest and late charges, the bank will then file a foreclosure lawsuit or the Notice of Default (NOD) with the county recorder or clerk. In general, you have about twenty to thirty days to respond to this judgment, and then a hearing will be set with the county courthouse. In most cases, banks are able to get default judgments against you if you don’t make an appearance to fight the foreclosure or file an answer. This makes it easier for banks to proceed through the rest of the Foreclosure process. But if you do not stand up for their foreclosure rights at this point, the lender can obtain an easy victory in the courts.
Notice of Sale Stage
4. If you have not previously responded to the Demand Letter or the Notice of Default, you will be given a Notice of Sale after 20 to 30 days, sometime more, depending on how busy your bank is with other foreclosure files. This is when a property is auctioned by the local court system at a sheriff sale, typically at the court house steps. If there are no takers (investors who typically pay upfront with a money order), then it goes back to the bank as the owner. Once the auction has gone through, the new owner will get a sheriff's deed or other temporary proof of ownership, which will allow them to take possession of the house once the auction has been confirmed. In most states, once the house is auctioned, there is no point of return and the eviction of tenants starts if you haven’t moved out by then, typically a 2 to 4 weeks process after the sale.
Consumer Alert
Many people who are in the foreclosure process are desperate to save their home, and with that is vulnerability from con artists intent to prey on this desperation.
Mass Joinder’ Lawsuits or Class Action Litigation
California Department of Real Estate (DRE) and the BBB has released consumer warnings about 'Mass Joinder' Lawsuits or Class Action Litigation scams.
The Better Business Bureau (BBB) warns homeowners to steer clear of mailings asking them to join national “mass joinder” lawsuits to force their mortgage companies to cut their loan payments.
Michelle Corey, BBB president and CEO, says the mailings are a new twist on schemes to obtain up-front payments of $5,000 or more from homeowners struggling to pay their mortgages. Some mailings are tied to businesses in St. Charles County. This alert is written to warn consumers about marketing companies, unlicensed entities, lawyers, and so-called attorney-backed, attorney-affiliated, and lawyer referral entities that offer and sell false hope and request the payment of upfront fees for so-called “mass joinder” or class litigation that will supposedly result in extraordinary home mortgage relief. They are making a wide variety of claims and sales pitches, and offering impressive sounding legal and litigation services, with quite extraordinary remedies promised, with the goal of taking and getting some of your money.
Foreclosure Rescue Scams
Bait and Switch Scam You think you’re signing documents for a new loan to make your existing mortgage current, but you don’t understand all the fine print and just signed documents that surrender the title of your house to the scam artist in exchange for a “rescue” loan. DO NOT sign any documents without reading and understanding them first. If the document is too complex, seek advice from a lawyer or an approved, trusted financial counselor. Never sign documents with blank spaces that can be filled in later by the other party or one that contains errors or false statements, even if someone promises to correct them later.
Share in profits of selling your home The fraudulent foreclosure consultants offer to find a buyer for your home and pay you a portion of the profit when the home sells only if you sign over the deed and move out. Sometimes a fake buyer is brought in to make it a quick process. Once you transfer the deed, the scam artist simply rents out the home and pockets the proceeds while your lender proceeds with the foreclosure. In the end, you lose your home – and you’re still responsible for the unpaid mortgage. That’s because transferring the deed does nothing to transfer your loan obligation.
Rent-to-Buy Scam
In a similar scheme, the fraudulent foreclosure consultants ask for you to sign over the title as part of a deal that allows you to remain in your home as a renter, and to buy it back during the next few years. You may be told that surrendering the title will allow you to get a better credit rating to refinance the home to prevent the loss of the home. They may rent it back to you (if they haven’t just evicted you outright), but over time steadily increase the rent to the point that you are unable to make the payments. Then they sell your house and take off with the equity. DO NOT sell your house or transfer he title as these fraudulent foreclosure consultants. This is a common scheme used to evict homeowners and steal all or most of their home's equity. If you think this may have happened to you, you may be a victim of a crime and need to file a complaint with your States' Attorney General's Public Inquiry Unit. Reporting con artists and suspicious schemes helps prevent others from becoming victims.
Bankruptcy Fraud Scam
There are several scams circulating that are abusing the bankruptcy laws. For example, a con artist may offer to obtain refinancing or negotiate a payment plan with your lender and even may even file a bankruptcy case in your name, without your knowledge, as a part of the scam.
In another kind of scam, a con artist may ask you to give a partial interest in your home to one or more persons. Each holder of a partial interest can then file bankruptcy, one after another. The bankruptcy court will issue a “stay” order each time to stop foreclosure temporarily. However, the stay does not excuse you from making payments or from repaying the full amount of your loan.
Here are some red flags to watch for:
• They instruct you to pay your mortgage payments to someone other than your lender, even if they promise to pass the payment on to the lender
• They instruct you to transfer your property deed or title to them
• They instruct you to rent your home so you can buy it back later
• They pressure you to sign documents that you do not understand
• They instruct you to sign documents that have blank spaces that they can fill out later themselves
• They offer to fill out the paperwork for you
• They are non-attorney / law firm and collects an upfront fee before providing you with any services
• They instruct you not to contact your lender, lawyer, or credit or housing counselor
• They guarantee to stop your foreclosure process regardless of your circumstances
Do NOT transfer or surrender property titles or entertain offers to buy house at a below-market price.
Do NOT bypass the lender and make payments directly to any third party individual or company.
NMAC encourages users to contact their lender, lawyer, credit counselor, or housing counselor.
If you think any of these has happened to you, you may be a victim of a crime and need to file a complaint with your States' Attorney General's Public Inquiry Unit. Reporting con artists and suspicious schemes helps prevent others from becoming victims.
According to RealtyTrac, a real estate market industry leader, California ranks number three in the top ten hardest hit foreclosure states. Their statistics claim 1 in 165 homes are affected by foreclosure. This interprets to approximately 100,000 bank owned homes available for purchase.
Foreclosure homes can be a good choice for investment purposes. However, investors must engage in due diligence prior to making a bid on foreclosed properties. When homeowners are unable to remain current on their mortgage note, they generally neglect necessary repairs and maintenance. Oftentimes, homeowners damage the house as a way to "get back" at their lender for kicking them out of their home.
Some investors engage in wholesaling California investment property. This technique is simple and has the potential to be quite profitable. Investors purchase distressed properties such as foreclosure and bank owned homes significantly under market value. They then resell the home to a buyer "as-is". Wholesalers typically earn a profit of 5- to 20-percent profit per deal.
A lesser known California investment property is that of probate real estate. Probate is the legal process used to determine the value of an estate owned by a person who has died. When decedents hold property with an outstanding mortgage balance their estate must continue making payments until probate settles.
Probate can last months or years and maintaining the real estate can quickly deplete estate funds. Probate executors can sell real estate in order to eliminate financial burdens from the estate. In most instances, probate properties are in good condition and can be purchased well under market value.
These are but a few of California investment opportunities today. There is no doubt the real estate market is undergoing massive transformation. The future is uncertain; however, throughout history real estate has always rebounded and I believe the housing market will improve in months to come.
If you're considering jumping into real estate investing do yourself a favor and learn everything you can before spending one penny. Develop a network of dependable, trustworthy colleagues including realtors, brokers, lenders and other investors. Then develop a business plan and put your strategies in action. If you take time to develop a solid plan from the start, you will be able to achieve your goals of becoming a successful real estate investor.
Why not start your education by browsing through our investment article library. We cover a wide range of topics including foreclosure, bank owned, short sale, 1031 exchanges, seller carry back mortgages and ways to finance California investment properties.
Welcome to Skynet Real Estate Investments (SREI)
Skynet Real Estate Investments (SREI) We Specialized in Foreclosure Business since 1989’
Mr. Johnny Hong is a Certified with Fannie Mae, Freddie Mac, FDIC REO’s Specialist since 1989’
We! Buy/Sell Foreclosure Properties.
We! Buy/Sell Deed of Trust Deed (1st/2nd TD Note).
We! Lending Emergency Cash to Stop Foreclosure. (Credit Score as low as 300)
Free Consultation!! Bankruptcy Chapter (7,13,11)
Short Sale, Loan Modification, Principle Reduction, and Litigation Predatory Lending Act.
Seeking Private Investors Short Terms with High Return!
ROI 20% - 30% Short Terms Secured by Grant Deed or Deed of Trust.
FREE! The 3 Best Ways to Invest In Foreclosures, Pre-foreclosures, Short Sales, REO's!
Skynet Real Estate Investments (SREI) – Real Estate Investing
Skynet Real Estate Investments (SREI) is a Real Estate Investment Firm specializing in the research, valuation, acquisition, rehabilitation, and sale of distressed investment properties.
Since its inception, Skynet Real Estate Investments (SREI) is focused primarily on the purchase, rehabilitation and sale of condominiums, single-family homes, and 1‐4 unit residential properties.
Whether you are looking to become a long-term investor, procure a foreclosure property as an investment or purchase as your primary residence, we can take you step-by-step through the purchasing process. SREI prides itself on working hand in hand with:
• Realtors: Allowing realtors the opportunity to sell our inventory before MLS exposure.
• Buyers: Allowing buyers the opportunity to purchase our inventory before MLS exposure.
• Investors: Managing each partners portfolio.
Investment Properties For Sale
Skynet Real Estate Investments (SREI) concentrates its efforts in regions where profits and the return on our clients’ investment are substantially higher than the going market rate of return, including:
• Condominiums
• Single-Family Homes
• 1‐4 residential units
Become an Investor
SREI professionally manages each partner’s portfolio and coordinates all transaction responsibilities including, but not limited to eviction, renovation, marketing, sale, and transaction coordination are handled through our in house resources.
SREI built its success on the foundation of excellent due diligence. We are methodical and disciplined in our approach to potential real estate investments
Skynet Real Estate Investments (SREI) has developed an extensive network of strategic business relationships and alliances with such industry professionals as:
• - Banks & Financial Institutions
• - Private Investors
• - Realtors®, REO Agents and Asset Managers
• - Wholesalers & Bulk Agents
• - Quality Contractors & Vendors
Profitable Real Estate Investment Opportunities
Real Estate Investments and You Investing in real estate can still be a profitable and safe venture. Whether you are purchasing your own home to be your nest egg, or you are investing in the market for purely a financial investment, the real estate industry is still a good choice. Speculators understand Real Estate investing benefits Speculators are turning to Real Estate investing as they discover the potential profits that they may make. They are learning that Real Estate contains real value that endures and grows over time. They know that flipping houses (or selling houses onwards) can yield good profits quickly, provided the initial investment decision was well founded. Real Estate short sales are of interest to them too, and we frequently notice them flipping Real Estate like this onwards that they found here. Move quickly at Real Estate short sales Real Estate short sales take place when a troubled owner decides to sell their home for market value, as opposed to what they owe the bank. As a result, a Real Estate short sale often represents a bargain when median values are down. The same applies to commercial Real Estate short sales too. The Real Estate investing short sales secret is to move quickly when you find a bargain. The Real Estate short sale process is no more complicated than a Real Estate foreclosure purchase. Buy Real Estate REO properties and other Real Estate at Real Estate short sales now.
Real Estate Investments
Real Estate Investments, for the prudent buyer, can be an excellent source for building a strong portfolio. After years of a booming market, the bottom has literally been blown out. A market that was besieged with astronomical prices, and “creative” financing to accommodate those soaring prices, has led to the highest percentage of foreclosure properties and bankruptcies since the Great Depression. Property owners are literally just walking away from their homes. This has left the market flooded with inventory. Sadly, these days it is not uncommon to see as many as three for sale signs on any given block. This drives prices down and creates a real buyers market. With all the foreclosures and bankruptcies, a savvy buyer can acquire profitable properties at bargain prices. Now is the perfect time for you to make a decision about Real Estate Investments.
It cannot be stressed enough that once you have decided to invest, the planning stage is vitally important. This is the time you determine your goals, research your market, and inquire about available financing if need be. You then map out a plan that will bring this all together. You can do this alone if you are confident in your abilities, but it is advisable to contract the services of a real estate broker and allow him to help you connect the dots and protect your interests.
Once you have your plan outlined, you can begin to act. Properties that are in foreclosure, bankruptcy, or up for a tax deed sale offer unbelievable bargains. They would be sound investments for any buyer as these properties are currently being sold for as much or more than 50% below market value. This market allows the buyer great flexibility while having the potential to maximize profits.
Foreclosure Process
The following is a generalized breakdown of the foreclosure process, as each State has specific laws associated with it (contact your State’s Government Housing Office). The information contained within these pages should not be considered legal advice. You should consult an attorney for advice regarding your individual situation.
It is important to understand the Foreclosure process. Knowing your legal rights and seeking foreclosure assistance can be the difference between keeping or losing your home. Stay in communication with your bank and do not ignore them. Banks do not want your home, and are not in the business of buying and selling property. They are in the business of financing your home and want you to stay in your home. They may be willing to work with you to accept partial payments right up front until you've caught up, as long as you keep in communication with them.
Pre-foreclosure Stage
1. Once you are a few months past due, you will get what is called a Notice to Accelerate letter. At this point, you will need to pay the past amount plus any late fees they assess you to stop the foreclosure process. You may also receive a letter saying that they may accelerate the due date of the loan and start the foreclosure process if you do not pay by a certain date.
2. The bank will hire an attorney and will forward you a Demand Letter if you do not respond by paying the full amount due on the date the bank has established in their Notice to Accelerate letter. The Demand Letter officially notifies you that if you don't bring your mortgage current, the foreclosure process is going to start in the court system. You will also be responsible for any attorney fees added to the delinquent amount, unpaid interest and late charges that are added to the loan, which will make it more expensive to stop foreclosure later on.
Foreclosure Lawsuit Stage
3. In the second stage of taking the Foreclosure process, if you do not respond to the previous Demand Letter by paying the full amount due plus any attorney fees, unpaid interest and late charges, the bank will then file a foreclosure lawsuit or the Notice of Default (NOD) with the county recorder or clerk. In general, you have about twenty to thirty days to respond to this judgment, and then a hearing will be set with the county courthouse. In most cases, banks are able to get default judgments against you if you don’t make an appearance to fight the foreclosure or file an answer. This makes it easier for banks to proceed through the rest of the Foreclosure process. But if you do not stand up for their foreclosure rights at this point, the lender can obtain an easy victory in the courts.
Notice of Sale Stage
4. If you have not previously responded to the Demand Letter or the Notice of Default, you will be given a Notice of Sale after 20 to 30 days, sometime more, depending on how busy your bank is with other foreclosure files. This is when a property is auctioned by the local court system at a sheriff sale, typically at the court house steps. If there are no takers (investors who typically pay upfront with a money order), then it goes back to the bank as the owner. Once the auction has gone through, the new owner will get a sheriff's deed or other temporary proof of ownership, which will allow them to take possession of the house once the auction has been confirmed. In most states, once the house is auctioned, there is no point of return and the eviction of tenants starts if you haven’t moved out by then, typically a 2 to 4 weeks process after the sale.
Consumer Alert
Many people who are in the foreclosure process are desperate to save their home, and with that is vulnerability from con artists intent to prey on this desperation.
Mass Joinder’ Lawsuits or Class Action Litigation
California Department of Real Estate (DRE) and the BBB has released consumer warnings about 'Mass Joinder' Lawsuits or Class Action Litigation scams.
The Better Business Bureau (BBB) warns homeowners to steer clear of mailings asking them to join national “mass joinder” lawsuits to force their mortgage companies to cut their loan payments.
Michelle Corey, BBB president and CEO, says the mailings are a new twist on schemes to obtain up-front payments of $5,000 or more from homeowners struggling to pay their mortgages. Some mailings are tied to businesses in St. Charles County. This alert is written to warn consumers about marketing companies, unlicensed entities, lawyers, and so-called attorney-backed, attorney-affiliated, and lawyer referral entities that offer and sell false hope and request the payment of upfront fees for so-called “mass joinder” or class litigation that will supposedly result in extraordinary home mortgage relief. They are making a wide variety of claims and sales pitches, and offering impressive sounding legal and litigation services, with quite extraordinary remedies promised, with the goal of taking and getting some of your money.
Foreclosure Rescue Scams
Bait and Switch Scam You think you’re signing documents for a new loan to make your existing mortgage current, but you don’t understand all the fine print and just signed documents that surrender the title of your house to the scam artist in exchange for a “rescue” loan. DO NOT sign any documents without reading and understanding them first. If the document is too complex, seek advice from a lawyer or an approved, trusted financial counselor. Never sign documents with blank spaces that can be filled in later by the other party or one that contains errors or false statements, even if someone promises to correct them later.
Share in profits of selling your home The fraudulent foreclosure consultants offer to find a buyer for your home and pay you a portion of the profit when the home sells only if you sign over the deed and move out. Sometimes a fake buyer is brought in to make it a quick process. Once you transfer the deed, the scam artist simply rents out the home and pockets the proceeds while your lender proceeds with the foreclosure. In the end, you lose your home – and you’re still responsible for the unpaid mortgage. That’s because transferring the deed does nothing to transfer your loan obligation.
Rent-to-Buy Scam
In a similar scheme, the fraudulent foreclosure consultants ask for you to sign over the title as part of a deal that allows you to remain in your home as a renter, and to buy it back during the next few years. You may be told that surrendering the title will allow you to get a better credit rating to refinance the home to prevent the loss of the home. They may rent it back to you (if they haven’t just evicted you outright), but over time steadily increase the rent to the point that you are unable to make the payments. Then they sell your house and take off with the equity. DO NOT sell your house or transfer he title as these fraudulent foreclosure consultants. This is a common scheme used to evict homeowners and steal all or most of their home's equity. If you think this may have happened to you, you may be a victim of a crime and need to file a complaint with your States' Attorney General's Public Inquiry Unit. Reporting con artists and suspicious schemes helps prevent others from becoming victims.
Bankruptcy Fraud Scam
There are several scams circulating that are abusing the bankruptcy laws. For example, a con artist may offer to obtain refinancing or negotiate a payment plan with your lender and even may even file a bankruptcy case in your name, without your knowledge, as a part of the scam.
In another kind of scam, a con artist may ask you to give a partial interest in your home to one or more persons. Each holder of a partial interest can then file bankruptcy, one after another. The bankruptcy court will issue a “stay” order each time to stop foreclosure temporarily. However, the stay does not excuse you from making payments or from repaying the full amount of your loan.
Here are some red flags to watch for:
• They instruct you to pay your mortgage payments to someone other than your lender, even if they promise to pass the payment on to the lender
• They instruct you to transfer your property deed or title to them
• They instruct you to rent your home so you can buy it back later
• They pressure you to sign documents that you do not understand
• They instruct you to sign documents that have blank spaces that they can fill out later themselves
• They offer to fill out the paperwork for you
• They are non-attorney / law firm and collects an upfront fee before providing you with any services
• They instruct you not to contact your lender, lawyer, or credit or housing counselor
• They guarantee to stop your foreclosure process regardless of your circumstances
Do NOT transfer or surrender property titles or entertain offers to buy house at a below-market price.
Do NOT bypass the lender and make payments directly to any third party individual or company.
NMAC encourages users to contact their lender, lawyer, credit counselor, or housing counselor.
If you think any of these has happened to you, you may be a victim of a crime and need to file a complaint with your States' Attorney General's Public Inquiry Unit. Reporting con artists and suspicious schemes helps prevent others from becoming victims.
According to RealtyTrac, a real estate market industry leader, California ranks number three in the top ten hardest hit foreclosure states. Their statistics claim 1 in 165 homes are affected by foreclosure. This interprets to approximately 100,000 bank owned homes available for purchase.
Foreclosure homes can be a good choice for investment purposes. However, investors must engage in due diligence prior to making a bid on foreclosed properties. When homeowners are unable to remain current on their mortgage note, they generally neglect necessary repairs and maintenance. Oftentimes, homeowners damage the house as a way to "get back" at their lender for kicking them out of their home.
Some investors engage in wholesaling California investment property. This technique is simple and has the potential to be quite profitable. Investors purchase distressed properties such as foreclosure and bank owned homes significantly under market value. They then resell the home to a buyer "as-is". Wholesalers typically earn a profit of 5- to 20-percent profit per deal.
A lesser known California investment property is that of probate real estate. Probate is the legal process used to determine the value of an estate owned by a person who has died. When decedents hold property with an outstanding mortgage balance their estate must continue making payments until probate settles.
Probate can last months or years and maintaining the real estate can quickly deplete estate funds. Probate executors can sell real estate in order to eliminate financial burdens from the estate. In most instances, probate properties are in good condition and can be purchased well under market value.
These are but a few of California investment opportunities today. There is no doubt the real estate market is undergoing massive transformation. The future is uncertain; however, throughout history real estate has always rebounded and I believe the housing market will improve in months to come.
If you're considering jumping into real estate investing do yourself a favor and learn everything you can before spending one penny. Develop a network of dependable, trustworthy colleagues including realtors, brokers, lenders and other investors. Then develop a business plan and put your strategies in action. If you take time to develop a solid plan from the start, you will be able to achieve your goals of becoming a successful real estate investor.
Why not start your education by browsing through our investment article library. We cover a wide range of topics including foreclosure, bank owned, short sale, 1031 exchanges, seller carry back mortgages and ways to finance California investment properties.
JOHNNY HONG
Tel No. 702.969.5599
Tel No.714.512.2393
Tel No. 702.969.5599
Tel No.714.512.2393
VIDEO NO. 1
13:50 Minutes
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8:20 Minutes
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2:56 Minutes
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3:24 Minutes