Five Keys to Building Wealth
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Anyone can get rich. You don't have to be a genius, and you don't have to be lucky. People who build wealth make certain decisions and practice certain skills - none of which are difficult or 4) complicated. You can do it, too. You can acquire a multimillion-dollar net worth by doing just five things:1) Get to work an hour early.
2) Develop and perfect a financially valuable skill.
3) Use that skill to earn an above-average income.
4) Spend less than you earn.
5) Invest your savings smartly.
By practicing these... continue reading >>
2 Types of Foreclosures
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There are two types of foreclosure processes:
Judicial Foreclosure Process
This process involves a court action by the lender against the borrower. The lender files a lawsuit against the borrower and anyone else who has an interest in property. If the property has a second mortgage or junior liens, they will served a copy of the lawsuit as well.
The lender files the lawsuit in the county courthouse where the property resides. The lender is asking the court for permission to foreclose on the borrower and repossess the property. Once the borrower is served... continue reading >>
The Rising Foreclosure Rate
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While the number of new mortgages boomed between 2000 and 2003, foreclosure rates also hit record highs. Conditions have improved somewhat since mid-2003: over the last two years the foreclosure rate has flattened. The delinquency rate has also improved slightly with the number of delinquent loans hovering near 4.4%, down from highs of almost 4.8% a couple of years ago.
Yet more homes are being foreclosed upon than ever before. Why? While the foreclosure rate has remained fairly static, the rate of home ownership in the United States has continued to increase. In effect, the percentage rate has... continue reading >>
Pre-Foreclosure Investing
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The advantage to buying a property at a foreclosure auction is that you can often pay far less than you would have under normal circumstances. Frequently you can invest in improvements and then sell the home for a much higher price than your cost.
The disadvantages and risks are more numerous. Simply to participate in the auction you must have sufficient funds available (either cash or a cashier’s check) to cover 10% of the purchase price. You also must be able to arrange for financing within thirty days to complete the purchase or you risk losing your deposit.... continue reading >>
