How do you buy distressed properties at a ridiculously low price? Many national seminars with fast-talking salesmen make it sound so easy.

One strategy that many of these seminars have in common is to go after TAX LIEN properties. The idea is to fool home owners who have tax liens on their homes who didn’t do anything to save their home. Sometimes the homeowner is an older person who is unaware and doesn’t know what to do to redeem. The homeowner may have missed paying their home owner association dues or property tax and are now subject to HOA foreclosure or tax foreclosure.

These national seminars make it sound so easy to take these people’s homes at ridiculously low prices. However, many laws protect the homeowner. The homeowner is given a REDEMPTION PERIOD during which they can repay and get their property back. This law protects innocent, unsuspecting homeowners (such as the elderly) from being swindled.

Some midnight infomercials might say they have connections with the bank. The bank puts a lien on the property. You pay them the lien amount and assume ownership in the property. Some people say take over the note and buy from the 2nd note holder. If the property has no equity, then it is a Short Sale. If the property DOES have equity, then you need an unusual case of an unaware or busy homeowner who has lots of equity in his home but does nothing to pay his liens. If you want to take advantage of such people, you must do everything all correctly. If you do one thing wrong, the IRS and FBI will be after you and put you in jail. The law doesn’t look kindly if you take advantage of the desperate homeowner. You must give proper disclosure 100% correctly. Rather than cheat the old owner of $100,000, they keep just $30,000 and save $70,000 for the old owner.

Another opportunity for a bargain is when the bank first forecloses the property and you get it before it ever hits the market. You need connections to do this.

Another strategy is to gather a group of investors together to amass a $20M pool of money to buy something like 30 properties. If you are just a single small-fry, the banks will not even listen to you. The bank won’t even call you back. They won’t even talk to you if you are a single “big” fry with $5M. That’s still not enough to buy a true portfolio of properties. The bank decision maker is too busy to deal with that. However, if you pool together investors to get $50M-$200M, then the banks will talk to you.

Another strategy people hear about is buying at auction at the courthouse steps. This is very risky. For every 9 that you make a gain, 1 bad deal is likely to completely kill all the gains from the other 9. Unlike the more traditional short sale and REO, when you buy at auction you get no guarantee of the cleanliness of the title. You inherit all the liens. You are often buying somebody else’s trouble. With a short sale or an REO, the bank guarantees you the buyer clean title with no liens. If something comes up later that was not known, the title company that insured your title policy takes care of it. With a short sale the outstanding debt owed to the 2nd and 3rd lien holders is known. The title company guarantees clean title and if they miss something, they are responsible for taking care of that problem.

With a courthouse auction there’s no guarantee on title. The bank is trying to sell their problem to you. Any unknown liens, you inherit with the property. If you later find out about property tax liens and/or income tax liens, you are responsible. If the property is falling apart and has a $30,000 foundation problem, it’s now your problem. You cannot change your mind. Often buyers weren’t even able to view the property before the auction. Only buy at auction if you are a professional and can smell problems. Sometime you cannot avoid problems no matter how much research you do. You cannot detect liens that have not recorded yet. During the auction everything looks clean, but really the lien hasn’t shown up yet in public record. If just 1 or 2 weeks ago, someone put a mechanics lien, the file will not show up yet. If nobody paid the property inspector or handyman, the lien may show up.

In conclusion, before you buy the book or DVD or course for the get-rich scheme you hear of, you need to do your research. You don’t need to take such risk. Real estate is a good investment. You can buy through the traditional means and still make money over the long-term.

There are great number of factors that will determine the success of your web site on the World Wide Web. Let’s face it… your domain name is the first and foremost important tool used in building a foundation for your web presence.

The domain aftermarket is the secondary market for Internet domain names in which a party interested in acquiring a domain that is already registered bids or negotiates a price to effect the transfer of registration from the registered holder of that domain name.

The professional pursuit of speculation in the domain aftermarket is known as domaining. The domain aftermarket has grown substantially, as an increasing number of generic domains names that promise ‘marketing appeal’ and ‘desirability’ are registered by domain warehouses, or resellers.

The domain aftermarket is facilitated by auction houses which provide communication methods for buyers and sellers to interact, often anonymously, to negotiate and close a transaction. They often provide additional services, such as financial escrow services and domain parking.

You might spend thousands of dollars on Search Engine Optimization (SEO) and on promoting your site including Search Engine Submission services ( SES) in search engines and end up without good Page Ranking (PR) and still would not be listed in search major Search Engine(SE ). However you might have better result and save a lot of money by using meaningful domain name.

Meaningful in this context means domain name already the keyword.
As much thought that goes into your web design should also be applied to choosing your domain name. Decide on the wrong domain name, and all your design work will become meaningless.

Pay less for domain names.  Register your .com, .net  and .org domains.  Bulk pricing and private domain name registration options.

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How a domain expires

Contrary to popular belief, domains do not expire when they say they do. If the owner of a domain does not renew by the expiration date of the domain, the domain goes into “expired” status. For 40 days, the domain is in a grace period where all services are shut off, but the domain owner may still renew the domain for a standard renewal fee. If a domain enters this period, it is a good first indicator that it may not be renewed, but since the owner can re-register without penalty, it can also just be a sign of laziness or procrastination.

After 40 days are up, the domain’s status changes to “redemption period”. During this phase, all WhoIs information begins disappearing, and more importantly, it now costs the owner an additional fee to re-activate and re-register the domain. The fee is currently around $100, depending on your registrar. When a domain enters its redemption period, it’s a good bet the owner has decided not to renew.

Finally, after the redemption period, the domain’s status will change to “locked” as it enters the deletion phase. The deletion phase is 5 days long, and on the last day between 11am and 2pm Pacific time, the name will officially drop from the ICANN database and will be available for registration by anybody.

The entire process ends exactly 75 days after the listed expiration date. For an even more detailed explanation, read the article Inside a Drop Catcher’s War Room.

If you are a homeowner, it may be wise to give yourself a brief education in the steps of foreclosure, whether you are in financial trouble now or not. If you are not, you may know someone who is, and therefore with a basic amount of knowledge gained in this article, you may be able to help that person. While I don’t claim to be an expert in real estate, nor am I an attorney, I do have over ten years of experience working in the real estate and mortgage banking field. Unfortunately, I been involved with both buyers and sellers of foreclosures, negotiated sales of foreclosed properties, and counseled owners in the pre-foreclosure process.

Please keep in mind that the following is only an overview in the steps of foreclosure, as laws and procedures vary from state to state, including the timeline from the first notice of sale to the actual date of eviction. Additionally, because lender foreclosure procedures and policies vary, it is advised that you contact your lender or loan servicer even before your first payment is late or missed, particularly if you anticipate having long-term difficulties keeping up with your regular payments. Your lender employs credit counselors who may be able to reduce your payments temporarily or even renegotiate your mortgage to better suit your situation. The key is to contact them before you miss your first payment.

Also, as laws vary from state to state, you would do well to research and know your homeowner rights on a foreclosure.

First 30 Days:
Your lender or loan servicer will contact you by mail alerting you to the fact that your payment has not been received. Generally, a lender will not call before a full month has passed. Being late, or missing a single payment does not automatically trigger a foreclosure ticket. Situational circumstances do occur, such as a mail delay, lost coupon, or clerk error, and can usually be resolved quite smoothly. Once such an issue has been addressed and your payment as well as any late fees and penalties have been satisfied, you are no longer at risk of foreclosure. However, be aware that lenders usually will report to credit bureaus if your payment is received 30 days after the due date.

60 Days:
If your lender has not received your mortgage payment as well as any late fees and penalties beyond 30 days from the due date, but less than 60 days, they may step-up their collection efforts with at least one phone call, as well as send you a warning letter. If you have already missed a second payment and are 60 days or more behind in your mortgage payment, lenders will generally accelerate their collection efforts. At this point, your delinquency will probably be registered with at least one if not all three of the major credit bureaus.

90 Days:
Collection efforts are stepped-up by your lender or loan servicer. In addition to phone calls, a “Demand Letter” or “Notice to Accelerate” will be mailed, warning that foreclosure proceedings may begin if you do not bring your mortgage current within 30 days. In essence, the “Demand Letter” or “Notice to Accelerate” means that the lender can call the entire mortgage due and payable if you do not bring your loan current within 30 days. Partial payments without a pre-arranged written agreement with your lender or loan servicer will most likely not deter foreclosure proceedings. Therefore, as noted earlier, it is best to try to renegotiate your loan prior to missing any payments.

120 Days:
Your lender’s attorney will contact you. At this point, you are held financially responsible for the lender’s legal costs in addition to your loan balance, fees, and penalties. Even if you bring your mortgage current, you must still pay legal and court costs incurred by your lender or loan servicer.

120 + Days:
Your lender’s attorney will file a foreclosure hearing, specifying a sale date in court. Once the notice of sale is filed, you will be notified by mail or with a notice taped to your door advising you of the exact day of foreclosure and subsequent sale of your home. Depending upon the laws of your state and court calendar, a Sheriff’s or Public Trustee’s Sale can take place as soon as 2-3 months after the “Demand Letter” or “Notice to Accelerate” is filed and a foreclosure date is set. If you cannot bring your mortgage current, pay all incurred attorney fees, court costs, interest, and penalties, your lender then has the right to take legal possession of your home.

Post Sale:
Depending upon the legal steps of foreclosure in place in your state, even after your home is foreclosed, you may enter into what is called a redemption period, which will again allow you the opportunity to pay all monies due within a specified period of time prior to being evicted from your home. The redemption period is specified on the same notice advising you of the scheduled Sheriff’s or Public Trustee’s Sale.

Associations, as creditors with an interest in real property should file a Request for Notice of Mortgage Foreclosure by Advertisement and Reduction of Redemption Period (“Request for Notice”) against the units/lots located in their Association.  In the atmosphere where mortgage foreclosures are rampant, recording a Request for Notice will help conserve the Association’s resources, and, in some instances, afford the Association the opportunity to replenish its resources through redemption as a junior lien creditor.

If the Request for Notice is recorded prior to a mortgage company recording its Notice of Pendency and Power of Attorney to Foreclose its mortgage by advertisement, Minn. Stat. §580.032 requires said mortgagee to provide written notice of its foreclosure sale to the Association.   If the Association is in the process of foreclosing its own lien, or pursuing other collection remedies, receiving such a notice may prompt it to discontinue those efforts and save valuable resources.  

In addition, knowing that a mortgage foreclosure sale has occurred also affords the Association an opportunity to track the sale, determine what was paid at the sale and, determine whether it should redeem as a junior lien creditor.  If the amount bid at the sale is less than the value of the property, redeeming as a junior lien creditor could allow the association to recoup its losses for the unpaid dues, or, in some instances, make a healthy profit.  

Finally, Minnesota’s weather makes knowing about foreclosures vital defensive information.  With subzero weather, knowing that a unit/lot will be going through foreclosure will allow an association either to make sure the unit/lot is winterized, or, to coordinate having this done, but at the mortgagee’s expense.  Unless the Association is aware that a property is in foreclosure, it often discovers the information when it is too late to act.

The current $46 filing fee for recording a Request for Notice far outweigh the benefits to be derived from doing so.   Thomsen & Nybeck, P.A., recommends associations file a Request for Notice against all properties, regardless of whether the account is current or delinquent.  With abstract property, often times one Request can be filed against multiple properties and paying only one filing fee.  If the property is Torrens, the Association will be required to pay the filing fee for each unit/lot against which a Request is recorded.  

Entry by: Gretchen Schellhas.  Gretchen is a shareholder at Thomsen & Nybeck, P.A. and Chief Executive Officer of the firm.  She practices primarily in the areas of real estate, collections, community association law and family law.

Foreclosure redemption period

If you are like lots of Americans today, you will be upsetting if you will one day have to face a mortgage foreclosure. March 2008 sailed in with a evidence of 900,000 houses going through foreclosure. These staggering numbers will panic anybody, homeowners, investors, politicians and economists similar. There are ways to avoid from losing your home and in turn your life and everything you have worked for. The organization called Twin Cities Habitat for Humanity Mortgage Foreclosure Prevention Program (MFPP) for example is one of the organizations that assist people facing a mortgage foreclosure hoard their homes. One of the most important things they strain is to know the law and to know your rights. Many people take for approved whatever their bank or lending institutions tell them regarding a mortgage foreclosure. The lending institution will tell them that once the position has been prepared to the sheriff’s office they must leave the property right away and thus depart their hopes and dreams behind. Such is not the case in various states throughout the USA.

Foreclosure redemption period

Some states, such as Illinois and Minnesota have a redemption period where a homeowner can still hold on their home and thus shun a mortgage foreclosure if they can make good on what monies are owed to bank or other lending institution. The elegance period for will differ from state to state ranging from 3 days to six months. If you live in the state of Minnesota, for example, you may be capable to clear up your back payments in the six months period that they allocate before finishing the mortgage foreclosure and losing your house. Any sensible homeowner would be sensible to check into their state laws and find out if their state carries a foreclosure redemption period and how much flexibility will this period assign them for coming up with the payments in debts. It is also significant to note that where the redemption period is positioned can also make a difference to how your particular mortgage foreclosure will affect your life. Though the redemption period is forever before the expulsion, some states make it easier by placing the redemption period before the sale while others allow a redemption period only after the auction. The later causes more complications. If the house is sold, the added fret of dealing with the new owners is very traumatic on already bothered homeowners, who may feel that all is lost and must leave the property at all cost. Do not let the new owners annoy you and tell you that you have to leave the property right away so that they can shift in. If you live in a state that permits the redemption grace period after the sale, they cannot by force throw out you by law. You are the one who is sheltered by law. You do not have to leave the property right away! You can use the whole time selected by the redemption period to try to come up with the funds, or if you know you cannot do that, you can take that time to find physically appropriate lodging.

Therefore the redemption period in your state offers two benefits. First and primary it will give you time to try and save up to meet the back payments in full, negotiate a repayment plan or try for a loan through a foreclosure help. In certain conditions you can even vend your home yourself to get from under the financial burden. The second advantage is the extra time to get your life back in order. You will need to make your shifting arrangements, finding reasonable housing within appropriate neighborhoods where your kids can go to school and walk the streets securely, clear up some old debts, search for work if you are scheduling to shift far away, It gives you time to make contacts and find resources to assist you get back on your feet. Don’t let overlook this wonderful chance of a redemption mortgage foreclosure period to work to your benefit.

With the higher than normal foreclosure rates affecting the Fort Collins, Loveland and Greeley areas of Northern Colorado, this timetable for the foreclosure process (effective January 1, 2008) should be helpful to homeowners as well as investors.

Here is an example process with dates provided to better understand the timeline.

1/10/01     A Deed of Trust is recorded for Joe & Mary Buyer to XYZ Mortgage Company to secure a promissory note for $250,000

1/10/08     Joe & Mary have missed 4 payments.  XYZ Mortgage company refers the file to its attorney who then sends out a demand letter and orders a Foreclosure Certificate or Guaranty from ABC Title Company.

1/18/08     The attorney for XYZ Mortgage Company prepares and sends the “Foreclosure Package” to the Public Trustee which includes the Combined Notice along with other documents required by CRS 38-38-101.

1/31/08     Foreclosure Commences.  Public Trustee records the Notice of election and Demand within 10 business days following receipt of the “Foreclosure Package”. [CRS 38-38-102]

2/20/08     Combined Notice.  Within 20 calendar days after recording the Notice of Election and Demand, the Combined Notice must be sent to the Grantor on the Deed of Trust at the address shown on the Deed of Trust and if different, the last address, if any, shown in the records of the holder of the evidence of debt and the current occupant of the property, addressed to “Occupant”..[CRS 38-38-103(1)]

                  Cure Period.  Public Trustee schedules the sale date.  The sale date must not be less than 110 days (5/12/08) nor more than 125 days (5/26/08) after the recording of the Notice of Election and Demand for non-agricultural property and no less than 215 days (9/2/08) nor more than 230 (9/17/08) for agricultural property.  [CRS 38-38-108]

3/27/08     Within 45 to 60 calendar days prior to the first scheduled sale date, the Public Trustee shall mail the Combined Notice to the following persons as set forth on the Supplemental Mailing List: The original grantor of the Deed of Trust, the owner of the property at the time of the recording of the Notice of Election and Demand, any person known or believed by the lender to be personally liable for the debt, the occupant of the property, each person who appears to have a recorded interest in the property prior to the recording of the Notice of Election and Demand if the person’s interests may be extinguished by the foreclosure. [CRS 38-38-103(1)(a)(II)]

                   Within 45 to 60 calendar days prior to the first scheduled sale date, the Public Trustee is required to publish the Combined Notice for 5 consecutive weeks. [CRS 38-38-103(5)(a)]

4/3/08     The foreclosing lender or their attorney may deliver an Amended Mailing List to the Public Trustee from time to time, but no less than 45 calendar days prior to the date of sale [CRS 38-38-103(2)]

4/17/08     If the lender or the attorney receives a request for a cure statement more than 30 calendar days before the date of sale and does not file a Cure Statement with the Public Trustee within 10 business days after receipt of the request, The Public Trustee shall continue the sale week to week until the statement is filed. [CRS 38-38-109(1)(c)(I)(B)]

4/23/08     If the lender or the attorney receives a request for a cure statement 30 calendar days or less before the date of sale and does not file a Cure Statement with the Public Trustee by 12 noon on the seventh calendar day before the date of sale, the sale shall be continued week to week until the statement is filed. [CRS 38-38-109(1)(c)(I)(A)]

5/5/08     Rule 120 Hearing.  An order pursuant to Rule 120 CRCP shall be obtained by the lender or the attorney at least 15 calendar days prior to the sale date. [CRS 38-38-105]

                Right to Cure.  A written Notice of Intent to Cure along with the evidence of the person’s right to cure, must be filed no later than 15 calendar days prior to the date of sale if the only default is for nonpayment of sums due under the evidence of debt or Deed of Trust. [CRS 38-38-104(1)]

5/8/08     Promptly upon receipt of a Notice of Intent to Cure by the Public Trustee, but no less than 12 calendar days prior to the date of sale, the Public Trustee shall send a request for a statement of all sums necessary to cure the default to the person executing the Notice of Election and Demand. [CRS 38-38-104(2)(a)]

5/14/08     If the Cure Statement is not filed by 12 noon on the 7th calendar day before the last date of sale after all continuances, the foreclosure shall be deemed withdrawn and the Public Trustee shall record the Withdrawal of the Notice of Election and Demand. [CRS 38-38-109(1)(c)(II)]

5/19/08     Submit Bid.  The lender or the attorney shall submit a bid to the Public Trustee no later than 12 noon on the 2nd business day prior to the sale date.  If the bid is not timely submitted, the Public Trustee shall continue the sale for one week and shall announce or post a notice of the continuance at the time and place designated for the sale. [CRS 38-38-106]

5/20/08     Curing the Default.  No later than 12 noon on the day before the sale, the person desiring to cure the default shall pay all sums that are due and owing.  The foreclosure shall be withdrawn or dismissed and the evidence of debt shall be returned uncancelled to the attorney or the lender. [CRS 38-38-104(2)(d)]  *Owner must cure the default to retain title to the property since there is no owner redemption after sale!

                  Federal Redemption.  Federal Tax Liens have a minimum of 120 days to redeem and 180 days if the property is agricultural.  Junior mortgages held by the United States have a minimum redemption period of 1 year.  The FDIC and SBA have exercised this redemption right under this federal statute.

5/21/08     Public Trustee Sale.  The property is sold at public auction at the time and place indicated on the Combined Notice to the highest bidder.  No later than 5 business days after the sale, the Public Trustee shall execute and record a Certificate of Purchase. [CRS 38-38-401]

5/30/08     Redemption by Junior Lienors.  Within 8 business days after the sale, junior lienors or their assignees must file a notice with the Public Trustee of their intent to redeem accompanied by the original or certified copy of the recorded instrument evidencing the lien and any assignment of the lien.  The lienor has attached to the Notice of Intent to Redeem a signed and properly acknowledged statement of the lienor or their attorney, setting forth the amount required to redeem the lienor’s lien, including per diem interest through the end of the lienor’s redemption period. [CRS 38-38-3023(1)]

6/2/08     Within 1 business day the Public Trustee shall transmit to the holder of the Certificate of Purchase or their attorney, a written request for a statement of all sums necessary to redeem the sale. [CRS 38-38-302(2)]

                On the 9th business day after the date of sale, the Public Trustee shall set the dates of the redemption period of each junior lienor. [CRS 38-38-302(4)(d)]

6/9/08     Upon receipt of Notice of Intent to Redeem, the holder of the Certificate of Purchase shall submit to the Public Trustee a signed statement specifying all sums necessary to redeem, no later than 13 business days following the sale. [CRS 38-38-302(3)(a)]

                If the holder or attorney for the holder of the Certificate of Purchase fails to submit the initial written statement within 13 business days after the sale, the Public Trustee may calculate the amount necessary to redeem by adding to the successful bid the accrued interest from the sale through the redemption date. [CRS 38-38-302(3)(b)]

6/11/08     No Redemption of Foreclosure Sale.  No less than 15 business days after the date of sale, the Public Trustee shall execute and record a Confirmation Deed to the holder of the Certificate of Purchase. [CRS 38-38-501]

6/17/08     No sooner than 15 business days nor later than 19 business days after a sale, the junior lienor having the most senior recorded lien may redeem by paing to the Public Trustee, no later than 12 noon on the last day of the lienor’s redemption period. [CRS 38-38-302(4)(a)]

6/24/08     Each subsequent lienor shall, in succession, have an additional 5 business days to redeem.  The right to redeem shall be in priority of such liens according to the records.  The redeeming lienor shall redeem by paying the Public Trustee on or before 12 noon of the last day of the lienor’s redemption period. [CRS 38-38-302(4)(b)]

7/10/08     Confirmation Deed.  Upon the expiration of all redemption periods, title to the property sold shall vest in the holder of the last Redemption Certificate.  No less than 15 days after the expiration of all redemption periods the Public Trustee shall execute and record a Confirmation Deed to the holder of the last Redemption Certificate. [CRS 38-38-501]

As you can see, there are a myriad of steps involved in a foreclosure so if you are needing assistance understanding the process please seek the help of a professional realtor so you can make an informed decision whether you are a homeowner heading towards a foreclosure or a real estate investor looking to find solid deals.

Email me if you would like to receive electronic updates of all foreclosures and bank owned properties at Mike@MikeMalvey.com.