Real Estate Investment Information Ca

Pre-Listing Bank Owned Townhouse Near Cal State San Marcos

2008-12-17T21:51:00.000-08:00

Bank Owned Townhouse with Amazing Views

Area: North County San Diego

City: San Marcos

State: California ( CA )

Type: Townhouse

Stories: 3

Bedrooms: 3

Bathrooms: 2.5

Special Details: 2 Car Attached Garage and Gated Community

Call me for more details or to schedule a personal showing today, purchase this property through me and I will give you a Plasma TV!

Call Tim Taggett at (951) 250-5645 NOW!

Serving with Honesty and Integrity!

Housing Recovery Act of 2008 Part 2

2008-08-19T09:00:00.000-07:00

The remaining two parts of this Housing and Economic Recovery Act of 2008 are both the trickiest ones for the entire bill if you ask me.

So without further hesitation let us jump in to the remaining details of this "Recovery" / "Stimulus" bill.

First we will talking about the FHA Modernization Act of 2008 there are many good parts to this portion however like all other things there are some questionable parts as well.

This will officially increase the FHA loan limits from their currently revised 95% of the median home price to a 110% of the median home price. Restrictions on this one is the loan limit is $625,000 however even with 110% median price that would have to be a very pricey neighborhood in order to qualify for that high of a home price. Let me ask you who honestly would want a FHA loan with insurance on that that high of loan? So if you think about it this was not designed for the higher class people still!

Other changes that are included with these FHA modifications, the minimum down payment has been raised from 3% to 3.5% (that one makes sense, make first time buyers wait even longer to purchase, that will "stimulate" our economy for sure).

My most hated part of this change is they slipped under the cloak the removal of seller assisted down payment programs, therefore in places like here in Southern California where the majority of banks are requiring 5% equity due to the declining market (according to them and the news). This means a FIRST TIME BUYER is now going to need 8.5% total out of their own pocket to purchase a home, well if that was the case why in the world will the choice FHA with higher interest rates and insurance?

Once again this blog has gone longer than planned especially since this is a topic that I really take to heart, so I will stop here and shortly will return with a new post concluding the breakdown of this Housing Recovery Act.

Help support the down payment assistance by clicking the below image and see how you can make your voice heard to get this sneaky part reversed.

God Bless,

Tim Taggett
REI Powerhouse
San Diego: 760 481-3152
Riverside: 951 240-5645
Email: REIPowerhouse@gmail.com

Housing Recovery Act of 2008 Part 1

2008-08-14T09:00:00.000-07:00

Wow, it has been a while since my last blog and so many things have changed in this time away from here. The government has once again attempted to step in and "resolve" things which catches and hooks of course, what less would we expect from the US Government.

My goal with this current blog is to review and explain the Housing and Economic Recovery Act of 2008. This act like all other politically originated documents, so I will attempt to at least touch on each subsection and try to clarify things.

First off, Housing and Economic Recovery Act of 2008 is also know by congress as H.R. 3221 which was suppose to help out with this subprime fallout we have been experiencing not only here in Southern California but throughout the US.

Other names this has been given is Housing Assistance Tax Act of 2008 which gives the majority of todays buyers a refundable tax credit if they buy a house between April 2008 and April 2009. So what's the catch you may ask. There are a couple of them to be honest. 1st catch is the amount will equal 10% of the purchase price however cannot exceed $7,500. 2nd catch any single person making over $75,000 ($150,000 married) doesn't qualify. 3rd wonderful catch the people that do get this credit have to pay it back over the next 15 years in there tax returns. Come on now government why are you going to give away money that isn't even yours yet then you are going to make people pay it back. If that is the case why don't they just give everyone the money and have no limit on it. I thought the purpose of this was to get more buyers to buy and STIMULATE our housing market not write loans for the IRS.

Because I prefer to keep this blog on the shorter end of things, I am going to pause it here and continue in the next posting. Keep tuned in, in fact if you have not already ensure to get signed up via automatic email delivery on the top right of my blog.

God Bless,

Tim Taggett
REI Powerhouse
San Diego: 760 481-3152
Riverside: 951 240-5645
Email: REIPowerhouse@gmail.com

Lowest Priced Multiple Unit in San Diego (Bank Owned)

2008-06-11T14:42:00.000-07:00

They always say "it was worth the wait" well that could not be more than true with this bank owned property I just got listed this morning.

My market evaluation was submitted to the bank for approval more than 3 weeks ago yet they finally got back to me today and approved the listing price and contract. If I was their boss they would have been fired for taking so long but I am not therefore I am grateful they are providing for my family in this great economic time we are in!

Details of the property are listed here:

Area: North County San Diego

City: Vista

State: California ( CA )

Number of Units: 2

Number of Buildings: 1

Bedrooms: 2 each unit

Bathrooms: 1 each unit

Current Rents: Vacant Bank Owned

Previous Rents: $1,100 each unit

Projected Gross Rent: $26,400

Gross Rent Multiplier: 12.35%

Capitalization Rate: 8.03%

If there is a better opportunity than this let me know and I will buy it myself!

People that are interested in this great investment should contact me via email or phone.

God Bless and Great Investing!

Tim Taggett
San Diego: 760 481-3152
Riverside: 951 240-5645
REI Powerhouse

Latest California REO Listing Testimonial

2008-06-02T16:44:00.001-07:00

You know it has been a while since I have posted any testimonials to any of our company sites however with the latest buzz being about Foreclosures and bank owned listings this is the latest from one of the banks I work with.

I know that many of you have read my posts in the past and I thank you for that but anyone can get on the internet and type, that doesn't mean they are actually doing anything in the real world!

RE: Prop # 5707187 440 East 8th Avenue Escondido, CA 92025 | Testimonial

From: V, Stanley

Sent: Thursday, May 22, 2008 3:59 PM

To: Tim Taggett

Subject: RE: Prop # 5707187 440 East 8th Avenue Escondido, CA 92025 | Testimonial

Tim,

It was really a pleasure to work with you, Your Speedy reply and on Toe work helped US to sell the property at a Quick pace.

Really looking forward to work with you on other properties which are assigned to me....

Keep up the Good Work!

Stanley.V
Reo Floor Lead
Ocwen Financial Solutions Pvt Ltd

The ones everyone else wants to be like is saying they can not wait until the next time we work together, well I think that says just a little about the service I provide.

Don't be misled by those people talking but not doing!

Get out there and work hard instead of hardly working, as always if you need any help with any real estate needs in California or anywhere else in the Nation contact me and I will be glad to give you the same high level of service!

God Bless,

Tim Taggett

REI Powerhouse

San Diego County: (760) 481-3152

Riverside County: (951) 240-5645

Fax: (866) 405-2521

Web: http://www.reipowerhouse.com

Foreclosure Bus Tour

2008-02-14T15:46:00.000-08:00

Wanted to let you all in on this next event that I am helping sponsor and am also being the host/tourguide.

Anyone in Southern California at the time is more than welcome to join us. Please keep in mind like all of these events that I help put on they are FREE and space is limited.

Foreclosure Bus Tour

Have you thought of buying a foreclosure lately?

Join Us on our next Foreclosure Tour

March 1, 2008 we will depart at 9:00 AM

and view properties all over

North County San Diego from Oceanside to Escondido.

This is FREE and seating fills fast so please

Call to RSVP,

760-481-3152 or 951-240-5645

Courtesy of:

Prestige Realtors

God Bless,

Tim Taggett
REI Powerhouse
San Diego: 760 481-3152
Riverside: 951 240-5645
Email: REIPowerhouse@gmail.com

3 Bedrooms 2 Baths 1,271 Square Feet 1997 Built

2008-01-27T23:11:00.000-08:00

View Album

Beautiful short sale listing in Menifee California which is located in the county of Riverside. This home features a great in ground pool and unfortunately for the current homeowner however very fortunate for you he needs to sell this property. At the current listed price we have priced this thing to sell and as if there is no pool at all so take advantage of this opportunity while it still lasts and help these people move on with their lives.

This single family house is in a very well kept move in condition which shows strong pride of ownership throughout. Click the picture above to view more photos of this great home.

God Bless,

Tim Taggett
REI Powerhouse
San Diego County: (760) 481-3152
Riverside County: (951) 240-5645
Fax: (866) 405-2521

4 Bedrooms 2 1/2 Baths 1,536 Square Feet

2008-01-23T23:00:00.000-08:00

From 43180 Bassano Dr

Here you will find a very beautiful 4 bedroom - 2 1/2 bath - 1,536 square foot - 2 story house that was built brand new in 2001 - located in Temecula California.

This property is one of our latest short sale clients' however we are already in the process of working out this transaction preventing any major wait for the future buyer of this property.

To see more pictures click the link above or if you would like a personal showing contact me directly using the information below.

God Bless,

Tim Taggett
REI Powerhouse
San Diego County: (760) 481-3152
Riverside County: (951) 240-5645
Fax: (866) 405-2521
Email: reipowerhouse@gmail.com

Short Sale - Part 2: Lender's Package

2007-10-10T14:30:00.000-07:00

This next segment we will be talking about what is the Lender's Package and how to put one together when related to Short Sale transactions. Even though there are additional items in the package we send to the lender they did not request, in this portion only the required items for a Short Sale will be included. Look for Part 3 which will go over How To Get The Bank to Say YES for further details on that.

This 1st list is the one that ALL BANKS ask for:

1. Last 2 Months of Pay Stubs
2. Last 2 Months of Bank Statements
3. Last 2 Years of Tax Returns
4. Authorization and Release of Information Form
5. Hardship Letter
6. Listing Agreement
7. Purchase Contract
8. Estimated HUD-1

This 2nd list are items the bank will provide:

1. Financial Statement (either inputted in their system or hard copy)
2. Broker Price Opinion (BPO)
3. Additional Bank Disclosures

Now remember the above lists are not put in any specific order at this time however as you can imagine if you want the bank to say YES then it should be in an order that best emphasizes your negotiation point(s) because almost everyone reads the first page before the last.

If you need any help or just have a short sale or sales that you are having trouble closing, contact me directly and my fees are the most competitive in the market today.

Thank you for reading,

Tim Taggett
REI Powerhouse
San Diego: (760) 481-3152
Riverside: (951) 240-5645
Email: REIPowerhouse@gmail.com
Site: REI Powerhouse

Short Sale - Part 1: What is it?

2007-10-03T06:00:00.000-07:00

The following will be a three part series on how to complete a short sale. In order to fully understand the process behind it you must first understand what a short sale is and why anyone would ever do one.

A short sale is when the owner (seller) of a property convinces the bank that has the current lien (mortgage) to take less money for the payoff than what is actually owed on the note.

Below is a list of some reasons a bank MAY accept a short sale offer. (Keep in mind there is NO PERSON or COMPANY that can guarantee a short sale)

5 reasons for a short sale:

1. Owner has lost his/her job.
2. Interest rate jumped beyond what the owner can afford to pay.
3. Job transfer that does not supply enough income for multiple homes.
4. Tenant has failed to pay their rent.
5. Owner is on a commission based income and the commissions have failed to come in steadily.

To wrap up this session on Short Sale - Part 1: What is it? There are really only four main things that influence if a bank will accept a short sale or not and here they are:

1. The seller can not make the payments (or bring in the difference to pay the bank).
2. The property is worth less than what is owed.
3. The closing costs are reasonable / standard.
4. The buyer can qualify to purchase the home.

Check back for the next part of this series or you can also sign up for automatic email delivery of this blog right here on reipowerhouse.blogspot.com

Feel free to contact me directly with any further questions.

God Bless,

Tim Taggett
REI Powerhouse
San Diego County: (760) 481-3152
Riverside County: (951) 240-5645
Fax: (866) 405-2521
Email:reipowerhouse@gmail.com
Website:www.reipowerhouse.com

Stop Getting Taxed on Short Sales and Foreclosures

2007-09-28T12:02:00.000-07:00

Normally I do not like to get involved with the tax side of short sales and foreclosures however while reading an article posted from the Realtor Magazine, there was no way to resist it.

Anyone who has either bought, sold or lost their home to foreclosure has more than likely suffered from a IRS Form 1099 sent to them after the transaction was completed, well right now and for many years there has been people pushing to get that changed.

Here is an example:

Loan Amount - $400,000
Sale Amount - $350,000
Relieved Taxable Income - $50,000

This means that the old homeowner will need to count the above $50,000 as income given to them on their tax returns the following year which is very unfair to the homeowner since they never received that money and the bank should have known to not give the homeowner that much money in the first place but they were too greedy and that is why they continued to give 100% financing on properties.

Either way, trying to not jump too far off the subject here, the Mortgage Cancellation Tax Relief Act H.R. 3648, is the act that can save this from happening in the future. This needs to get passed and needs to get fixed for everyone in the industry.

Homeowners - Do not need to suffer for a bad market
Buyers - Can get the best deal possible without the homeowner being afraid of taxes
Agents - Can get paid what they are worth

You can read more about this here

Any further questions feel free to contact me directly.

Tim Taggett
REI Powerhouse
San Diego: (760) 481-3152
Riverside: (951) 240-5645
Email: REIPowerhouse@gmail.com
Site: www.reipowerhouse.com

7 Ways to Stop Foreclosure Headaches

2007-09-25T21:52:00.000-07:00

It has been a while since the last blog however this article is directly related to continue on the discussion of California Foreclosures.

This particular Bankruptcy Attorney has summed up the 7 most common ways to get rid of the foreclosure headaches that I am sure any person that is currently in foreclosure or has thought about foreclosures as an investment opportunity should know.

To list them out and explain slightly for you:

Sell the property

Which of course only works without snags when the owner has equity

Work out a deal

This means the owner actually talks with the bank to workout a "repayment" plan

Refinance with a subprime lender

Means HIGH interest rates for the homeowner which = HIGHER payments

File Chapter 7 Bankruptcy

You may be able to keep the property (or may not depends on the trustee)

File Chapter 11 Bankruptcy

Should keep the property (with HIGHER PAYMENTS)

Short sale / Deed In Lieu of Foreclosure

Even though this attorney does count them as one, personally I treat these as 2 separate ones because the seller will ultimately (more than likely) be taxed differently (if it is their primary residence)

Walk away from the house

This ultimately is the decision most unaware homeowners make because they do not know the other options they have

You can read the entire article by simply clicking on the title of this blog posting.

Article courtesy of "The Bankruptcy Adviser by Justin Harelik • Bankrate.com"

Any further questions feel free to contact me directly.

Tim Taggett
REI Powerhouse
San Diego: (760) 481-3152
Riverside: (951) 240-5645
Email: REIPowerhouse@gmail.com
Site: www.reipowerhouse.com

Record Time Short Sale

2007-06-15T12:37:00.000-07:00

I know that lately my blog has been about giving away free information to everyone about California Foreclosures however this one is a little different even though it is in the same realm of real estate.

Everyone should take a moment and congratulate me for my record time negotiating with the most current Short Sale transaction.

I just got off the phone with the bank of the latest one that I am working for another real estate agent in the area and found out the short sale has been approved by the bank in only 2 WEEKS.

If you know of some other person or company out there that can get a 100% financed transaction approved by the loss mitigation department in less than 14 calendar days then I would be glad to congratulate them however I have not met one until I looked at myself in the mirror this afternoon!

The only thing left is for the buyer to agree to the original price they offered and this deal could be closed within another 2 weeks after obtaining new financing!

To top it all off we are the cheapest short sale coordinator in all of Southern California right now! Only $500.00 per transaction, who can beat that return on investment?

Complete California Short Sale from open to close in 4 WEEKS that would be awesome!

California Foreclosure Hidden Secrets Revealed | Part 2

2007-06-08T22:05:00.001-07:00

Just as stated earlier and now, we will continue along with California Foreclosure Hidden Secrets Revealed. Even though most foreclosure courses should be going over the civil codes that are part of the state of which the information is given. Most do not and therefore I am going to go over some basic civil code sections within the state of California that every single foreclosure and investor within the state should know.

The first is Civil Code Section 890: this section of the California Civil Code discusses "Rent Skimming" which actually protects a renter from their property owner/landlord excepting rent payments and then not paying the mortgage.

The second is Civil Code Section 2924: this section of code discusses the correct procedures that must be used in regards to performing a Trustee's Sale.

The third is Civil Code Section 2945: this is a very important one that all Real Estate Agents, Brokers or Consultants should read because it goes over the rules and regulations pertaining to a professional representing a buyer / investor of a home that is in the default status within the state of California.

The fourth and most important one, which will also reveal many secrets, is, Civil Code Section 1695: this law regulates buyers of homes that are in the default status within California.

Since the first three sections have no major interest or major secrets in regards to ethical real estate investors, I am going to skip over going into those in detail however you can search for them on Google and find all of the information you ever want to know. Getting right into the most important (in my eyes) which will be referred to as 1695 from here on forward. So you understand since I am not a real estate attorney, during many times throughout this writing I will be writing verbatim what the law states and then giving my personal interpretation which I have also ran by many other investors who have done many transactions and have been to court because of doing the exact opposite of what will be taught within this report.

Found within the first paragraph of 1695:

1695. (a) The Legislature finds and declares that homeowners whose residences are in foreclosure have been subjected to fraud, deception, and unfair dealing by home equity purchasers. The recent rapid escalation of home values, particularly in the urban areas, has resulted in a significant increase in home equities which are usually the greatest financial asset held by the homeowners of this state. During the time period between the commencement of foreclosure proceedings and the scheduled foreclosure sale date, homeowners in financial distress, especially the poor, elderly, and financially unsophisticated, are vulnerable to the importunities of equity purchasers who induce homeowners to sell their homes for a small fraction of their fair market values through the use of schemes which often involve oral and written misrepresentations, deceit, intimidation, and other unreasonable commercial practices.

As you can see from the above bolded terms and sections this code strictly pertains to homeowners but that is going to be covered in more detail later on.

Definition of equity purchaser according to 1695:

"Equity purchaser" means any person who acquires title to any residence in foreclosure, except a person who acquires such title as follows:

(1) For the purpose of using such property as a personal residence.

(2) By a deed in lieu of foreclosure of any voluntary lien or encumbrance of record.

(3) By a deed from a trustee acting under the power of sale contained in a deed of trust or mortgage at a foreclosure sale

conducted pursuant to Article 1 (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of Division 3.

(4) At any sale of property authorized by statute.

(5) By order or judgment of any court.

(6) From a spouse, blood relative, or blood relative of a spouse.

If read by the way myself and many others read the above definition you will realize that IF the purchase is going to purchase the property as a personal residence then this entire Civil Code DOES NOT APPLY but that does not help 99% of the investors out there now does it, continue reading to find out more.

You may have read the above and asked yourself (like I did the first 5 times I read this), if that is the definition of "Equity Purchaser" then what is the definition of Residence in Foreclosure well here it is directly from the LAW:

"Residence in foreclosure" and "residential real property in foreclosure" means residential real property consisting of one- to four-family dwelling units, one of which the owner occupies as his or her principal place of residence, and against which there is an outstanding notice of default, recorded pursuant to Article 1 (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of Division 3.

So now, let us recap what I have just shared with you because here are some of the most important things you will learn about Foreclosures in the state of California.

The law only pertains to HOMEOWNERS' meaning if the owner is an INVESTOR you can do whatever you please and however you please to do it.
If the Buyer is actually buying it to move in as a PERSONAL RESIDENCE then they are exempt!
You can buy from your Spouse, blood relative or the blood relative of a spouse and once again are exempt!
Protection is only for owner occupied 1 to 4 unit dwellings, what is stopping you from buying a 5 unit apartment building?
Last and very important part is there must be an outstanding notice of default
recorded on the property, could you get it before the NOD is filed and get an AWESOME DEAL.

Within Part One of this we discussed, how complicated investing in Foreclosures in the state of California is and then I said I would tell you some hidden secrets. Therefore, the MAJOR LOOPHOLES were covered, in this section, keep posted for the next part where we will cover how to get great deals with fewer headaches and still all within the Foreclosure Market / Arena and no other "foreclosure guru" wants you to know, right here when California Foreclosure Hidden Secrets Revealed continues!

Please keep in mind that I am not a real estate attorney and everyone should consult legal advice from a board certified REAL ESTATE attorney prior to investing in real estate that has laws that want to prevent people from making money, such as 1695.

If you would like to read the entire California's Civil Code Section 1695 go to:

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=civ&group=01001-02000&file=1695-1695.17

My Promise to All You Readers

2007-06-05T00:28:00.000-07:00

I know that the blog I posted prior to my last one stated I would continue to post my insider secrets of California Foreclosures, so I am making this promise to all the readers.

The next major secret about the California Civil Code that all investors should know about prior to investing in California Foreclosures; will be posted no later than the end of this week.

As you can see from my previous posting life has been on a major rollercoaster lately and that has had by mind off of the things I am drawn most to do, which is share my knowledge with everyone who wants to listen.

So keep looking back here for the Part 2 and by the end of this week I will post my next set of secrets!

I would also like to take this brief moment and thank everyone that has sent me support after reading my last posting.

THANK YOU ALL!

God Bless,

Tim Taggett
REI Powerhouse

I Need YOUR Help

2007-06-02T22:58:00.000-07:00

Hello,

Most people in America send out Christmas letters stating how great the past year has gone, first I know it is not Christmas or even the end of the year; second, my year has not been GREAT.

This is a complete honest recap of my past 12 months:

- In May of 2006, I was laid off from the company that I was helping build.

- By June 2006, I turned into a full-time stay at home Dad taking care of my two daughters who were too young for elementary school

- November 9, 2006, I lost my first investment property to foreclosure

- November 23, 2006, my third child (son) was born (WOW one great moment)

- Early December 2006, we ran out of backup savings funds and were forced to give my second investment back to the private lender that loaned me the money

- December 2006, Notice of Default was filed against my primary home however; the bank filed it in the wrong county

- March 2007, moved from my primary house to a rental home

- April 2007, new Notice of Default was filed in the correct county this time for my primary residence

- May 2007, my vehicle has now been sent to a Repossession company, which is most likely in the process of tracking me down to take my car

I have given you a recap of everything not to ask you for any donations of money however would like to offer my services to anyone that is willing to help me. I have an extensive background in computers, which I have been doing since I was 8 1/2 and a tremendous amount of knowledge in real estate. ( I am also willing to try anything else that is ethically and morally correct)

I am confident that even if you are not in need of my services right now you know someone who is or you know someone who knows someone who is.

PLEASE HELP my family and I change this, I am willing to help with anything that I can and will donate a portion of any money to a charity organization of the person’s choice.

If you personally are unable to utilize my services then please do my family 2 simple things which should take you no more than a few minutes, send this to the people you know and ask your God or Higher Power to help my family out of these hard times.

Thank you in advance for all of your support
And
God Bless,

Tim Taggett
(951) 240-5645
reipowerhouse@gmail.com

California Foreclosure Hidden Secrets Revealed

2007-04-02T19:07:00.000-07:00

As many people start on their real estate investment careers, they seem to think that investing in foreclosures are the best way to start. This blog will explain many details related to foreclosures within the state of California. Unlike most of the other states within the United States, California is very different because there are many legal issues that most of the foreclosure books, seminars and courses never even hint on let alone tell you about.

Beware investing in California foreclosures can be very risky and the risk that is involved should not be taken lightly however it can be done and when done right it can make you a lot of money.

During this first blog, I'm going to explain the process of which a California foreclosure goes through and when most of the other investors are attempting to blindly contact the owners of the properties without ever realizing the ramifications of their actions and efforts.

1. The current owner must be behind on their payments for their mortgage that is secured on a piece of real estate via a deed of trust.

2. A Notice of Default (NOD) is filed within the county where the property is located.

a. A copy of the NOD must be sent via certified mail to the borrower within ten (10) business days of the recording.

i. At this time, the borrower has ninety days (90) from the date the NOD was filed to stop the foreclosure process without the lender being able to take any further action.

3. A Notice of Trustee's Sale will be recorded in the county where the property is located if after the 90 days has reached and the borrower has failed to cure (meaning to bring the loan current).

a. A copy of the Notice of Trustee's Sale must also be sent via certified mail to the borrower of the property.

i. The minimum timeframe allowed by the state is twenty-one (21) days notice prior to proceeding on to the next step of the foreclosure process.

ii. The Notice must also be published weekly in a local circulated newspaper within the county of the property for three (3) consecutive weeks prior to the sale.

iii. Must also be posted on the property and posted within the county courthouse.

4. Trustee's Sale is the last and final step for a foreclosure within the state of California.

a. This must happen no sooner than three (3) months and twenty-one (21) days after the NOD was filed.

i. This is public oral bid auction that is conducted by the lender's representative (usually a Title Company or Trust Company)

ii. Here's the hidden secret that all of the people selling you products about foreclosures don't want you to know - the successful bidder must pay with CASH or CASHIER'S CHECK the ENTIRE AMOUNT of the winning bid.

In the event, no one bids the amount of the loan plus all costs that have added since the beginning of the default process then the property goes back to the bank as Real Estate Owned (REO).

Subscribe to my blog and keep up to date when next time I will go over the section of the civil code NONE of the products on Foreclosures tell you about or even want you to know about.

Feel free to check out our website REI Powerhouse and sign up for one or all of our newsletters for more great information.

Note that I'm not a real estate attorney or certified public account and am providing this information for informational purposes and it should not be taken as legal advice.