What is a foreclosure?

When the home owner falls behind on the mortgage payment, the house might be foreclosed on. This is the repossession of the home by the financial institution that gave the loan to try to recover their loss. Banks usually consider the loan in default when payments fall 3 months behind.

-There are 2 types of foreclosures, judicial and non-judicial. A judicial foreclosure occurs when the court issues a lawsuit against the homeowner, and if they do not respond (meaning pay the back mortgage), then the mortgage lender automatically wins the lawsuit, and the home is then put up for auction. The court actually presides over the auction and the house goes to the highest bidder. The mortgage lender will put in a bid-the amount that is actually still owed on the house. If their bid is not beat, then the mortgage lender gets the title to the home, and they can resell it for profit. If another bid beats the mortgage lenders then that person gets the title to the house.

-Non-judicial foreclosure does not involve a lawsuit. The financial institution issues a notice to the homeowner about the default on the loan and their intent to seize and sell the home. The homeowner can (if they are able) pay the money that is owed, or possibly come to an agreement with the mortgage lender. This could include smaller payments, possibly even delayed payments. If an agreement is unable to be reached, the homeowner can prevent foreclosure by filing for bankruptcy (although this is certainly an absolute last resort). However, if the homeowner is unable to stop foreclosure, then the house is auctioned off just like in a judicial foreclosure.

-Usually the home will sell for an amount that will cover what the mortgage lender is owed, but if it doesn’t the homeowner is responsible for the deficiency judgment, or the difference between what is owed and the selling price of the house.

***When most people buy their house they do not have the money to purchase the home outright. In able to be able to purchase the home, they get a mortgage loan from a lender, and make monthly payments to pay off their home. In exchange for lending the money, the lender will hold a lien against the property. If the buyer misses several payments in a row, the loan goes into default, and the lender might exercise the lien against the property. This enables the lender to take possession of the property, so that they are able to sell the property to pay off the borrower’s loan. This is called mortgage foreclosure.  

How long does the foreclosure process usually take?

It is not uncommon for 6 months to pass between when you miss your first payment and the final foreclosure sale, although this can vary from state to state. It can also depend on your lender and how quickly they pursue your case.

How do I start using the Current Foreclosures website?

The 15 day trial is the best way to start. You can have full access to the website for FREE, where there are over 22,000 foreclosure properties. You will also have access to all the bonus features, including being able to view the daily updated lists of foreclosures, and E-books that will help you get the most out of your foreclosure investment.

 What are the advantages to being a member of Current Foreclosures?

-Access to over 22,000 foreclosures
-Foreclosure lists updated every day for the most current information
-Ease of finding listings in your area
-Huge discounts that are offered on EVERY house!

What tips do you have for buying foreclosures?

Well first, the best deals get snapped up fast….so make sure you have your financing pre-qualified. You should be sure to know the house well-where it is, the neighborhood, the repairs that need to be made, and guesstimate the cost of those repairs. Compare that to the amount which you are pre-qualified for, and make sure that you will be able to buy the house and make the repairs with the amount that the bank has allotted you.  Finally, anticipate how much you can sell the house for by appraising other houses in the neighborhood that are close in size and layout. Once you done this you are ready to bid!

I want to buy a foreclosure, but I don’t want to pay the realtor’s fee.

The best way to buy a foreclosure (especially if you don’t want to pay a realtor) is to use a website (like www.CurrentForeclosures.com) to find the house you want, and then to make the bid.

What are the “other” costs I might have to pay after buying a foreclosure?

Many foreclosures are in need of some repairs, or some updating if it is an older house. You might have to put fans in the bedrooms, or paint, or replace an appliance or two. You will be more prepared if you check out the house before you buy it. Buying foreclosures is buying as house “as-is” and you will be more prepared if you inspect the house before you bid on it, and factor the repairs and/or renovations into the amount of your loan.

Buying foreclosures sounds kind of risky and/or difficult? Is it even worth investing?

First, yes investing in foreclosures can sometimes be difficult, but if it were easy everyone would do it! With a little work, and a little risk, buying foreclosures can have a large payoff. If you pick and choose your houses wisely, you could possibly make $30,000-$50,000 when you resell the house! Just doing 3 or 4 foreclosures a year could be a fantastic side income, or even your main income!

Do you need a real estate license to flip real estate?

The majority of the time, the answer is no. Each state determines their own real estate laws, so check the laws in your state.

How do I find foreclosures in my area?

Finding foreclosures in your area is easy with www.CurrentForeclosures.com. All you have to do is simply become a member by signing up with our quick registration process, then click on the state from our map in which you wish to view foreclosures. You will see the state divided by counties-simply click on the county in which you are looking, and you will see a list of available foreclosures in your area!

How much does a membership cost?

We offer a basic membership for the cost of $9.97/ week (39.88/month). However, when you sign up you are offered other options that enable you to search in different ways, or get information before other clients for small weekly fees in addition to the basic membership price. Your first choice is to add the ability to see more property details-including how many bedrooms/baths, square footage of the houses, etc. This will save you a lot of time calling different places to find details before you even know if the house is what you are looking for or not. This charge is only $9.97/month. Next, you are able to add the search engine tool, which allows you to search for foreclosures in every county and state as often as you like. This is free during the trail period, after it is only $2.49/week ($9.97/monthly). When you register you also have the ability to sign up for a Platinum Membership-this allows you to see new foreclosures two days before other members!!! This is free during the trial period, and after only costs $14.97/week ($59.88/month). If you choose all three additions to your basic membership, your total monthly cost will be $119.70--a fantastic deal to see foreclosures that sell for way below market value. Just think-if you bought just one foreclosure a year, you would be earning your membership fee back from all the money that you saved buying a house!

Other membership fee totals-

$39.88/month- if you only signed up for the basic membership

$49.85/month- if you signed up for the basic membership and the search engine tool

$59.82/month- if you signed up for the basic membership, the search engine and the         ability to view more property details

$109.73/month- if you signed up for the basic membership, the search engine, and the Platinum Membership

$119.70/month- if you signed up for the basic membership, the search engine, the ability to view more property details, and the Platinum Membership.

If you see another charge amount on your account please feel free to contact us with your questions.

***Also when you sign up you have the ability to register to receive our “Kick-Butt Interviews” which give you the chance to listen to and ask questions from a full-time real estate investor each month. This service is $97.00/month, and is billed separately to your account-you will see your first charge for the membership fees, and a separate charge from the Kick Butt Interviews, both from RE Property Network.

I did not authorize this charge-what do I need to do?

Does the charge on your account say “RE Property Network”? If not, the charge was not through our company. If it does not say RE Property Network on your account, call the number beside the charge, or if there is not a phone number, call your credit card company or bank.

If the charge does say RE Property Network, then the charge was from our company. This means that someone came to our website, entered your card information, and authorized the transaction. Check with your family members to see if someone made the transaction-quite often a spouse, son or daughter was responsible.

How do I cancel?

If you want to cancel, first remember that without a membership you won’t be able to see the thousands of available foreclosures in your area. However, if you are absolutely sure that you are finished finding fantastic real estate foreclosures deals, simply email us at [email protected] , and we will cancel your membership. Please keep a copy of your cancellation request on file so in the small chance that we don’t receive it, you can forward us the original request.

***To avoid getting charged after your trial membership ends, you must email us a cancellation request to [email protected] BEFORE your trial membership ends. You are charged for the full month on the day after your trial membership is over-once you have been charged, we cannot offer a refund for this charge. To avoid the charge make sure that you email BEFORE your trial membership ends.

How do I contact you?

Email us at [email protected] . We conduct all of our business with clients through email so that both parties can refer back to the emails if they have questions. Feel free to also call us-be prepared to leave a message with your name, email address, client sign in information, and of course the issue that you are calling about. We will respond via email. Please remember that our staff works Mon-Fri 9-4, so if you email after 4 during the week your email will be answered the next day, and if you email after 4 on Fridays your email will be answered on Monday.

How do I get a home loan?

If you have excellent, or even good credit, getting a home loan should be no problem for you. Simply speak to someone at your bank, or a mortgage company about starting the process of qualifying for a loan. If your credit is not as stellar, you might still be able to get a loan, however you might have to shop around a little to get the interest rates and amount of loan allowed that you want. Your first step should be to speak to someone at a mortgage company like Fannie Mae or Freddie Mae, or Lending Tree. These businesses are experienced in home loans, and can help you find the loan that is perfect for you. If you are unable to get a loan from larger business like these, try smaller local businesses or banks in your area-they might be able to offer you better interest rates, or even qualify you when others can’t because they are locally owned.

What other fees can I expect in closing on a foreclosure?

There are other fees involved such as closing fees, inspection fees, recording fees, and transfer taxes. There are many other fees involved with closing on a home, check with your real estate agent, mortgage broker, or attorney to get a more detailed list.

Who do I contact if I see a property I like?

If you find a house you like, simply click on the “See more Details” link on the page-this will lead to the individual houses page, and a contact name, phone number and, if available, email address will be listed for you to contact. These properties are not owned by RE Property Network, we do not have the ability to negotiate a price, or even give you more details about the houses. You will have to speak with the contact person for individual houses.

How often am I billed?

You are billed monthly, every month. While many of our charges are listed as weekly charges, we bill everything together once a month. We have found that this is better both for our staff, as well as our members. If you decided to cancel your membership after you have already been billed for the month, you still have access to the website for the full month that you were billed for.

What is www.CurrentForeclosures.com?

CurrentForeclosures is a website that brings you current lists of foreclosures all across the nation. We have one of the most complete lists of available foreclosures out there as we pull in properties from several different organizations and businesses. We provide our members access to these foreclosures-they have the ability to look in their area, the ability to see details such as square footage, and the ability to get the contact information if they are interested in purchasing a property (none of these properties are owned by our company). Our members have the ability to see more foreclosures, earlier, with more details than any other investors out there!

Do I have to sign a contract to join?

Nope, no contract needed! Members sign up for a trial period for Free, and once the trail period is over, you are billed monthly. You have the ability to cancel your membership anytime you want (although why you would want to, we can’t understand!), simply by emailing us at [email protected] . Remember-the membership does renew every year, so unless you cancel your membership you are still paying for the great access to foreclosures throughout the nation!

How do I see the property I like?

Members have the ability to see the address of every property listed-and we provide you a map! Please feel free to drive by the property anytime you like, but to get inside the house, you will have to call the contact person listed on the properties main page. You should be able to set up an appointment with this person to view the house. As mentioned before, REProperty Network and CurrentForeclosures.com does not own any of the properties listed and therefore cannot show you the house.

How do I get a refund?

CurrentForeclosures.com and REProperty Network has a firm no-refund policy. Because we allow to access the site during the trial period, we believe that our members are able to get a good idea about how the site works and whether it will benefit them before they are charged the full membership fee. The trial period is for 15 days, which allows our members to access the site when it is convenient to them during that time. If you feel that the membership is no going to work for you, email [email protected] and let us know that you want to cancel your membership. Remember to email us BEFORE your trial membership is over, or else you will be charged for a full month.

How do I log in?

Once you have signed up for a membership at www.CurrentForeclosures.com, to gain access to the site all you have to do is simply log in! Click on the “members” link at the top of the page, and this will take you to our sign in page. Your “username” is your email address that you used to register for the website. Your “password” is whatever password you entered when you signed up for a membership.

I am having trouble logging in-what do I do?

If you are having trouble logging in please contact us at [email protected] . We can check your account, and send you the correct email address and password-often it is a small problem of an extra letter or two entered at the end of your password when you registered that you did not realize!

Please note-if you are having trouble with your account, you must contact us. The inability to access your account is not a reason for a refund-you must contact us to allow us to fix your account, and if the website is not right for your, then you can email us to cancel your account.