congressional oversight well you're going to drive the whole thing down if you have too much of that and then we wanted a mortgage forbearance on the Foreclosure situation want those four things which actually were what Obama had been talking Barack Obama had beentalking about didn't didn't you feel that they were putting a gun to your head well when they said we W act
I remember, when I started real estate-- I started real estate 16 years ago. Foreclosures were homes that were boarded up.Right? They were just the grass and weeds were growing outside.
people are going to default and you're going to have the same mess that we're having right now with huge numbers of foreclosures because people are defaulting on their loans all rightso what is a house worth shift gears away from fin and just take a look at what are houses worth you know how how
Some homes are for a nonprofits. into foreclosure investment and you want to know more information on it, we can do that.
And we'll talk about some of those things. In a foreclosure , what is often considered the hardest consequence for a homeowner? Now, you may say to yourself, Trisha, I'm here to buy.
to me or their issues don't fall back on this property with me. So in a foreclosure , what is often considered the hardest consequence for a homeowner? Damage of their credit, deficiency judgment, or losing their home.
Someone who has totally lost their home to a bank and has not paid it and the bank has gone through the court system, that is a foreclosed home. What does foreclosure look like today? I remember, when I started real estate-- I started real estate 16 years ago.
Some homes are for a nonprofits. Some people are in foreclosure because they had a divorce or that have hospital bills, or they lost their job.
Some homes are for a nonprofits. So you purchase a foreclosure below market value, this is what's going to happen to you.
Some homes are for a nonprofits. And this was a foreclosure .
OK? And also limit your risk. When you jump into foreclosures and real estate buying, you want to be careful. You're putting in a lot of money.
Right? They were just the grass and weeds were growing outside. This is basically what foreclosures looked like when I started real estate. Not anymore. With 30,000 people in foreclosure , you're looking at foreclosures that are looking like this.
Some homes are for a nonprofits. So when you buy foreclosures as an investment-- remember, I spoke to you earlier about your endgame?
Homeowners that don't have a lot of equity in the house don't invest in maintenance. That's why the foreclosures find houses that are wrecked. They won't give a gift to the creditor if they think they might walk away.
a million dollars underwater you're half million dollars underwater it just is what it is you know at that point you start having bankruptcies foreclosures and a lot of the emotional turmoil that goes along with it you're going to have divorces I mean you probably seen the news staries about some of these people that have committed suicide or killed themselves in their family The Fallout of these things is really really bad and
So there are real consequences to these and breathing all the stuff. And their house was up for foreclosure .
Be ready to negotiate. Just because it's a foreclosure , we're going to understand what does a foreclosure really mean. You have to be ready to negotiate this deal and not just take what they give you and understand what you want.
Now, you may say to yourself, Trisha, I'm here to buy. I'm not the homeowner going in foreclosure . Well, you have to understand this because when you're buying a foreclosure , you want to know what happened to that property.
You have to know also where you're buying a property because if you are a homeowner-- in some states, when you foreclose, I know people who are in foreclosure for five years. And that's because the bank is so backlogged and the court system is so backlogged that they haven't been able to get to this person, this homeowner yet, to actually
So I'm trying to get through all of it because I really want to get to the meat and potatoes. There is a huge difference between foreclosure and pre-foreclosure . People come to me all the time-- Trisha, I want to buy a foreclosure .
Some homes are for a nonprofits. If they know they're facing foreclosure and are unable to make their payments, they can sell their home.
you can do that. What if the house is in foreclosure ?
Quickly, in our stories, we did stories about the mortgage industry and home improvement contractors in Massachusetts that resulted in three new laws being passed. We got people's homes out of foreclosure . People's homes out of foreclosure .
We got people's homes out of foreclosure . People's homes out of foreclosure . And millions of dollars in refunds and restitution.
So for instance, amongst particular populations, some southeast Asian cultures don't finish high school. There have a large number of foreclosures during the Great Recession, long term unemployment that can affect particular subgroups in the United States. Environmental factors can be an issue if you've been exposed to a lot of trauma.
They have to be willing to work with you and sell it to you. So there's a huge difference between foreclosures and pre-foreclosures . Someone who has missed their payments, they can be in pre-foreclosure .
Some homes are for a nonprofits. I want to purchase some foreclosures as an investment.
In 2008, our comeuppance came. The nemesis followed for the hubris-- foreclosures , since then stagnant wages, skyrocketing inequality. And the result is Donald Trump in America.
And now they're losing the and when you're taking it. OK, what is foreclosure ? This is a lot of information.
Some homes are for a nonprofits. I have sold many homes of people who are facing foreclosure .
Some homes are for a nonprofits. OK, in foreclosure , what is often considered the hardest consequence for the homeowner?
Some homes are for a nonprofits. How do you increase the value in this foreclosure ?
And she has about 400 of the goats on her farm. And her farm was about to go into foreclosure -- actually, next week. And so they were going to slaughter her goats, which would mean it would wipe out half the population.
So that's the promise. We have 20 million homes in America that are either in foreclosure or are stress state or in peril of going into a stress state.
they created these new products, they had to estimate the risks associated with the products. And where could they get data to estimate the risk? What they had to look at data, say for foreclosure , the innovations I'm talking about were like a new mortgages, they had to look at foreclosure rates before they had done these innovations. So, on the one hand, they believed that they had transformed the world. On the other hand, they used data as if they had had no effect on the world. But, in fact, they had had a
I know last time we came and we spoke about real estate and how important it is. And now I'm here to talk about foreclosures . Many of you may not know, but there are 30,000 people facing foreclosure , unfortunately, in New York City.
You have sometimes 15-unit buildings, regular houses with pools. You're hearing celebrities are losing their mansions to foreclosures . So you can pick up some pretty nice houses for a much lower prices that are foreclosures and that look great.
Some homes are for a nonprofits. Well, what kind of foreclosures do you want to buy?
made firms like Leman and bear and Merill 18% 90day delinquency and that is not including foreclosures if you added foreclosures we'd probably be at 30% so get this through your head the next time you hear some pundit saying
billion in in charges so they're still they've written down their assets on on this stuff like 50 million dollar and we bottom of the pond um and the reason is foreclosures are through the roof even in my County Orange County which is a
politically very fraud because back in the 19th century Farmers borrowed money from Banks and then there was of course Washington DC so farmers basically relied on credit they would go under foreclosure if they couldn't pay their bills they basic politically viewed the banks as the enemy Banks of course have played an important role in
Now, why do I do this? I put my information out there because I know 30,000 people in foreclosure , we want to invest. We have money. Real estate is something that's always been around which we'll go to.
The first thing I want to teach you is to establish an agency relationship with the proper professionals. You want to build a team when you're going to buy a foreclosure homes. You can't jump into it.
You have to know the rules and how to play by them. OK? Just because someone says it's a foreclosure , you have to understand the city, the state rules, the federal rules, and understand that what I'm getting into is what I'm getting into and not listening to just everything people tell you.
This is basically what foreclosures looked like when I started real estate. Not anymore. With 30,000 people in foreclosure , you're looking at foreclosures that are looking like this. You have sometimes 15-unit buildings, regular houses with pools.
You also have to want to be ready to buy. Right? How do we prepare ourselves to buy foreclosures ? Be ready to negotiate.
Maybe they bought that house overpriced, or maybe the condition of the home has gone down. So sometimes, when you're getting foreclosures , the condition of the home is not always the best because if someone is unable to pay their mortgage loan, then they probably could not upkeep the house.
Some homes are for a nonprofits. Remember, this is one of the foreclosures that we saw.
are more than 40%. Something that we haven’t had in the United States. Mortgage problems are continuing. The number of mortgage foreclosures are expected to be higher this year than last year. So the problems are actually getting worse. There are new problems beginning to show up in the commercial real estate. The states are having very serious time make, meeting their budgets and the cut-backs coming for, coming on. All these are, are
billion in in charges so they're still they've written down their assets on on this stuff like 50 million dollar and we recession I firmly believe people lose their jobs can't pay the mortgage more foreclosures and the cycle and the third