How Does Foreclosure Work in Real Estate?

[@PharaelMartins]

You are the Jack Black of Real Estate,Robert ! Very straightforward and with a great sense of humor. Thanks for sharing this.

[@USRealtyTraining]

I'm flattered! Thanks for watching.

[@marianadominguez3399]

These have been way more informative and entertaining than any other videos I have found

[@USRealtyTraining]

I love this comment! Thanks for the kind words, Mariana. I'm happy you enjoyed this video. If you have a moment, please support this channel by liking the video, subscribing to the channel, and hitting the bell icon. Every time someone does that, KZbin gives our channel a boost in search results so more people can find our channel. It helps us make more videos and it helps us educate viewers like yourself. Thanks for watching and we hope to hear from you again!

[@everettira8914]

Instablaster...

[@hampiam]

This video is scarier than any movie I’ve ever seen.

[@USRealtyTraining]

lol why is that?

[@hampiam]

You’re voice and how you explain! It felt as if I was living every word. I’m not buying a house now 😂

[@Donometisento]

Wow. Thank you Jesus that I came across this guy. Your style of teaching is very clear and understandable. Thank you sir 😊

[@USRealtyTraining]

Glad you liked it! Thanks for watching.

[@beverlyannortillano6035]

Easy to understand, unfamiliar terms get simplified. Very helpful!

[@USRealtyTraining]

Glad it was helpful! Thanks for watching, Beverly!

[@Love-yourself815]

Is it risky to buy REO because it’s been in a foreclosure. I guess my question is, is there a warranty to cure the loan it was previously in to make it marketable title or clean title?

[@USRealtyTraining]

Great question, Love Yourself. Typically, the banks clear the title before they put the property up for sale. You should always check the title before closing on the house to make sure you're not stepping into something that you don't want. REO's are usually have a lower price because nobody has purchased them and the lister wants to get rid of the property. So, it's up to you determine if this is a financial wise decision on your end. It could be a worthwhile investment with some elbow grease. Hope this answered your question and please let me know if you have any others!

[@Love-yourself815]

CA Realty Training thank you so much! I am currently a new Real Estate Agent but I’m planning on investment in Real Estate in the future. Your channel really helps clarifying any doubts I have. Thank you!🙏

[@USRealtyTraining]

@@Love-yourself815 We're happy to help. Thanks for watching our videos! Also, as a new agent, let us know if you would like us to cover any topics. We love it when viewers suggest content for us to make! We're wishing you all the best in your new career.

[@Love-yourself815]

CA Realty Training that would be awesome because as a new agent, I’m currently looking for a broker and will have an interview soon. I would like to know your opinion about the following. They are offering 70/30 no desk fees, just charging me for 7% transactions fee every transaction, e&os premium, and I also have to add them on my car insurance. Are these the right charges I should expect to see each month? Or are they charging to much?

[@USRealtyTraining]

@@Love-yourself815 This sounds very reasonable for new agents. Once you close a few deals, you can request a higher split. Hope this helps and please let me know if you have any other questions!

[@stevie8211]

I’m 14 and I wanted to start learning early so I’m ready when I’m older, so I feel kinda foolish.

[@USRealtyTraining]

Hey! Congrats on wanting to start young! That's a great place to start in this career. No need to feel kinda foolish since this is all new to you!

[@tytanium97gaming73]

I'm 23 now and wanting to learn. I wish I had started when I was 14!

[@fabiogonzalez4413]

The earlier the better

[@B1gBossMan]

I'm 15, its great to see someone my age interested in the same subjects as me ||:))

[@russiantroubleyakutsk1612]

My advice to those who young - avoid debt like the plague and have always maintain a good emergency fund, so you can avoid this type of stuff

[@jpr558]

If the house is a joint property, after the foreclosure, where will the equity (sale price - mortgage -cost) be deposited? Will it be deposited to the bank account that paid the mortgage? or deposited to all owners' accounts? Thanks you in advance for your reply.

[@Aaron-ii5tx]

how long does a short sale stay on your credit report. Does it show up on a soft credit check or only hard credit check? How does a lender forgiveness work with both short sale and foreclosure?

[@USRealtyTraining]

Great question! We'll try doing some research and see if we can answer this question.

[@johnsilvey]

Amazing video, thank you! I apologize if someone already asked this but: Can the bank (or seller in a seller finace deal) choose not to take the home to auction and then transfer the title back to the bank (or seller in a seller finace deal) and simply relist the property? Basically, can the lender choose to skip the auction and take control of the property? Thank you!

[@NicoleHernandez-qv6ip]

At which point should the bank freeze interest is 3 mths after non payment or when the foreclsure is approved etc.

[@s.k.1508]

plain and simple way to understand concept. OUTSTANDING PRESENTER!

[@USRealtyTraining]

Glad you liked it! Thanks for watching.

[@javierrodriguez7979]

Great video! Very easy to understand because it is very well explained!👍

[@USRealtyTraining]

Thanks for the compliment! Glad you liked it and thanks for watching. Hope you check out my other videos!

[@AndresTalamantes]

Very good information. Question: If the bank auctions the property and it sells for lets say 500k but the amount owed was only 400k, would the bank just pocket the difference or does the original borrower get the 100k difference?

[@USRealtyTraining]

I like this question a lot. The remaining balance (100K) will go to satisfy any OTHER outstanding debt associated with the house. So, if there was a lien on the home from an unpaid balance, the money will be paid to who the money is owed. Then, after all other debts have been paid, THEN whatever is left will be given to the homeowners who went through foreclosure. Hope that makes sense.

[@AndresTalamantes]

@@USRealtyTraining Awesome. Thank you for the answer. Much appreciated.

[@USRealtyTraining]

@@AndresTalamantes anytime!

[@HolyLandHistories]

property taxs and special assesments get paid first, always always always. No matter how much money is left over, think of it as left over money goes to uncle sam. If theres more cash left over, the rest of it goes to the lender to pay off what it can. If the amount of cash isn't sufficient enough, the lender has the right to sue the original home owner for the rest of the loan that they originally sign for on the promisery note. because they singned this note, it makes it enforcebale in a court of law, and they can take action to sue.

[@tjaymax17]

Wonderful information my man but I got a question if my credit is over 650 how will my credit be hit from the whole foreclosure? Also I have a jeep I'm paying off will that be effected with the whole foreclosure ? Thank you

[@USRealtyTraining]

It's hard to say. I would recommend speaking with a financial advisor to help you answer this question. Best of luck to you and thank you for watching!

[@JSPL4SH]

great videos man been watching to get extra studying separate from my class.. great explanations on the topics thanks for your hard work :)

[@USRealtyTraining]

Glad you're enjoying the videos and happy they're helping you out. Thanks for watching!

[@omoore98]

Great video, my house is in foreclosure and there are people living it who did not pay rent in 5 years. I want the bank to take the house. How do I speed up the process of the bank taking the house?

[@CarlosRosas-rn9ff]

Great video. Question... Why would an Order of Reference be denied?

[@sarweenabdulla6243]

Wow your explanation very super clear 👏 and it helps me alot when you review word by word and you're God send Please do more videos about deed Thanks a lot for your effort

[@USRealtyTraining]

Glad you liked the video, Sarween! What did you want to know about deeds? I'll let the video team know.

[@sarweenabdulla6243]

@@USRealtyTraining thanks for all your video but please can you do a video about the different between title and deed

[@USRealtyTraining]

@@sarweenabdulla6243 that's a good idea! I'll work with my production team - it might be a quick one!

[@sarweenabdulla6243]

@@USRealtyTraining thanks in advance

[@octaviojavier1]

Question, if the owner missed the first payment he ven just pay the missing payment 2 or 3 weeks later or not more??

[@SpyderDobro]

Best teacher

[@USRealtyTraining]

Thanks for the compliment! Glad you enjoyed the video. Be sure to share with a colleague or friend!

[@SpyderDobro]

@@USRealtyTraining You got it

[@johnmckenzie6661]

@CA Realty Training: If the homeowner took out a $1,000,000 loan on a house, and they've paid back $990,000, but they don't make the last payment of $10,000, what happens? The bank takes the house, so now the bank has $1,990,000 in assets and the borrower has nothing? Does the bank return the $990,000 which the borrower has put towards the loan?

[@hafedfiguani2647]

I had the same question too. No answer yet

[@naimafatimi4189]

The bank would likely not foreclose on them because it's not worth it for 10k.

[@stevejones1318]

I agree, the bank wouldn't foreclosure, but it could. If it did, it would sell the house as a foreclosure. Let's say they get $600,000, they would take their $10k and give $590k, minus admin fees, to the homeowner.

[@johnmckenzie6661]

@@stevejones1318 Thanks. I wasn't quite sure how that worked.

[@bogdanarsene9602]

What if you have equity in the house and the bank auctions it to somebody else? Let's say you've missed 3 months or 10K in payments but you have 50k in equity. Will you see anything back?

[@ChaseMilner1]

Great explanation of a Foreclosure! Thanks again Rico!

[@USRealtyTraining]

Glad you liked it! Thanks for watching and subscribing to our KZbin channel, Chase!

[@trinityduba6592]

Indeed a very great explanation. I know fully understand what is foreclosure. Thank you!

[@uptownbayarea6068]

What is *Notice Of Appearance and Waiver in Foreclosure* filed by the Dept of finance?

[@bufubufu8258]

Can you talk about subject to process with foreclosures?

[@USRealtyTraining]

Is there something in particular that you need help understanding about that?

[@bojacatorresbeatriz8481]

Thanks for this video, its very detailed Having got involved in the stock market and made little profits, i still greatly believe in bitcoin trading mostly as the market is very bullish at this point in time. I strongly advice us to get involved in DAY TRADING properly guided by a pro traded with a working strategy/daily signals. For me it's been very successful because i was being guided by a pro trader called Mr. Richard whose strategy/daily signals has proven to be so accurate and well analyzed. Trading and growing my portfolio from 0.9btc to 5.8btc within 4 weeks is so awesome and credible. Don't you think this is the right time to grow the little we hold ahead of more bullishness ? Mr. Richard can be reach via Instar @richard_brucefx* for inquiries into profitable trading systems.

[@Soso0408]

I was just watching your short sale video lol! I love all your videos!

[@USRealtyTraining]

You rock! Glad you like the content, Sarah!

[@paratroopergirl4064]

How to discover what liens are on the property prior to bidding/offer?

[@taiwowilliams2033]

Makes a lot of sense. You are a great teacher.

[@USRealtyTraining]

Thanks for watching, Taiwo! Glad you this video was helpful. If you have a moment, please like, subscribe, and hit the bell icon. Doing so helps us grow as a channel and it also helps you get notified when we release a new video. Thanks again for watching and I hope to hear from you again!

[@patricialewis4239]

First time watching, great content. If a person waits until the very last minute (maybe less than a week prior to auction date) to take action, what can be their only option? Thank you in advance.

[@USRealtyTraining]

Time is crucial when a property is in the foreclosure process. As the auction date nears, the owners options are limited. If waiting until the final week, the owner can find an all cash buyer for the property if all other options have failed. The seller may request an extension from the lender to quickly close the transaction. Thanks for watching, and don't forget to subscribe!

[@bkboy119]

How is the auction different from a regular home sale by a realtor?

[@andresaviles6740]

great tonality, great video

[@USRealtyTraining]

Thanks a lot! I'm glad you liked it.

[@hewardthegreat]

great work . very helpful. what is tying up?

[@USRealtyTraining]

Thanks for watching, Heward. I'm glad you enjoyed the video.

[@mariachavez1373]

You explain your stuff like were little kids man. And I LOOOOVEE IIIITTTT. 😅 so easy to learn like this ❤

[@USRealtyTraining]

I'm so glad! Thanks for watching.

[@silvanpadberg9257]

Great video! Very clear and concise.

[@USRealtyTraining]

Glad you enjoyed it!

[@Mariacastillo-xx5xh]

Thank you for the illustration!

[@USRealtyTraining]

You're very welcome! Glad you enjoyed the video!

[@jijiji9520]

Will the borrower that lost the house in a foreclosure have a hard time finding another mortgage?

[@USRealtyTraining]

Yes! It will have a large impact on their credit.

[@milrckz2521]

this was so so helpful, seriously great teacher

[@USRealtyTraining]

Thanks for watching! Glad you liked it!

[@JohnQ5]

Thank you for this most informative video.

[@USRealtyTraining]

Anytime! Thanks for watching.

[@ml-ve9sn]

Very realistic and meaningful. Thanks!

[@USRealtyTraining]

Glad you liked this video!

[@joe62591]

how strict is the income check to get a loan due to the pandemic?

[@USRealtyTraining]

We can't speak for sure on this since we are not a lending entity. We recommend expecting them to be strict in regards to checking income. It's always best to be honest and be prepared. Hope that helps!

[@jeffrobins7494]

Ah man, I thought it was 21 days after notice of trustee sale. Hope I get right before my exam. 😒

[@jeffrobins7494]

I checked on tis because need to know for the exam and according to the book it is the sale after 20 days (on the 21st day). Unless it has changed since the writing of the book. Wanna be sure for the exam.

[@USRealtyTraining]

@@jeffrobins7494 Hey Jeff, it is typically on the 21st day after the NOT is recorded (day 90), making it a total of 111 days total. However, some banks can expedite it and make sooner. We would recommend that you commit to your answer of 20-21 days. Good luck on your test!

[@bojacatorresbeatriz8481]

Thanks for this video, its very detailed Having got involved in the stock market and made little profits, i still greatly believe in bitcoin trading mostly as the market is very bullish at this point in time. I strongly advice us to get involved in DAY TRADING properly guided by a pro traded with a working strategy/daily signals. For me it's been very successful because i was being guided by a pro trader called Mr. Richard whose strategy/daily signals has proven to be so accurate and well analyzed. Trading and growing my portfolio from 0.9btc to 5.8btc within 4 weeks is so awesome and credible. Don't you think this is the right time to grow the little we hold ahead of more bullishness ? Mr. Richard can be reach via Instar @richard_brucefx* for inquiries into profitable trading systems.

[@angelique.xoxoxx]

Great explanation

[@USRealtyTraining]

Glad it was helpful!

[@kelvinmwangi313]

Wonderful explanation. Bravo

[@USRealtyTraining]

Glad you liked it! Thanks for watching.

[@Visual0714]

awesome videos as always! thanks for the helpful info!!

[@USRealtyTraining]

Thanks for watching, Edwin! We're glad you enjoyed the video and got so much from it. If you have a moment, like this video, subscribe to the channel, and hit the bell icon. That's the best way to get notified when we release a new video and it also helps us grow as a channel. Thanks again for watching and we hope to hear from you again!

[@areahomesearchforcentralNY]

Great explaination. Thank You

[@USRealtyTraining]

I'm glad this video was helpful. If you have any questions or video suggestions, please let me know. Also, if you have a moment, please support this channel by liking this video, subscribing to the channel, and hitting the bell icon. That's the best way to help us grow so we can continue making more educational content like this video. Thanks for watching and we hope to hear from you again!

[@JC-ef5bs]

Always with valuable content !!

[@USRealtyTraining]

Thanks for the kind words, J. C! I'm glad you liked the video!

[@thomasdowneyjr.4162]

Very helpful information....

[@USRealtyTraining]

Glad the video was helpful. Thanks for watching.

[@Opreza12]

Very well 👍🏼

[@USRealtyTraining]

Thank you! Cheers!

[@mapachehombre1581]

Promissory note never heard of it but I probably signed a few 😂

[@USRealtyTraining]

Got a video on that: kzbin.infoQiV1-afqXwA

[@christinajones7319]

Ty

[@USRealtyTraining]

You're welcome!

[@sergeysovenok3126]

Great content!

[@USRealtyTraining]

Great comment! I appreciate the kind words and thanks for watching. If you have a moment, please like the video, subscribe to the channel, and hit the bell icon. That's the best way to get notified when we release new content and it also helps our channel grow so we can continue to make new videos. Thanks again for watching and I hope to hear from you another time!

[@bojacatorresbeatriz8481]

Thanks for this video, its very detailed Having got involved in the stock market and made little profits, i still greatly believe in bitcoin trading mostly as the market is very bullish at this point in time. I strongly advice us to get involved in DAY TRADING properly guided by a pro traded with a working strategy/daily signals. For me it's been very successful because i was being guided by a pro trader called Mr. Richard whose strategy/daily signals has proven to be so accurate and well analyzed. Trading and growing my portfolio from 0.9btc to 5.8btc within 4 weeks is so awesome and credible. Don't you think this is the right time to grow the little we hold ahead of more bullishness ? Mr. Richard can be reach via Instar @richard_brucefx* for inquiries into profitable trading systems.

[@blu1880]

Thank you

[@USRealtyTraining]

Thank YOU for watching, Blu! We're glad you liked it. If you have a moment like this video, subscribe to our channel, and hit the bell icon. That's the best way to get notified when we release a new video. Doing so also helps our channel grow so more people can find our videos. Thanks again and we hope to hear from you in the future!

[@Sarah-kl9fu]

you are the best

[@USRealtyTraining]

Appreciate it! Thanks for watching, Sarah.

[@49Macman]

Thank You for this video, but my situation is a little different. Siblings are threatening to foreclose. The contract was not specific for an "extra payment" in addition to everything else I did right. It was not in the contract as to the amount. Then brother Is bullying me and threatening to foreclose for this reason. If he can is the process of foreclosure with siblings the same as a bank. 90 days or less? Thanks in advance!

[@williamlasure8331]

If you owe 125,000 and the bank can only get 100,000 is the borrower that just lost the home still responsible for the difference?

[@USRealtyTraining]

In a foreclosure or short sale, no. The rest of the debt is forgiven.

[@kingmessi5961]

New sub. Awesome vids .

[@USRealtyTraining]

Thanks for subscribing, Messi! I'm glad you enjoyed the video! If you have any topics you want me to cover, let me know. I love receiving viewer suggested content. Hope to hear from you again!

[@Steventheinnovator]

Excellent!!!

[@USRealtyTraining]

Thanks for watching, Steven! We're glad you liked the video!

[@loriherdz862]

Is that it? Can the bank come after you even after they foreclose on your home? ex: take away your car?

[@srilakshmichekuri]

Nice information

[@USRealtyTraining]

Thanks for watching!

[@elidjament3697]

Very Good video !!!!!

[@elidjament3697]

The best video and i loved the way you talked and explained about Foreclosure

[@USRealtyTraining]

@@elidjament3697 Thanks for the kind words! They really mean a lot to me. Have you seen the one on short sales, yet?

[@rnswm.3084]

this was really good thank you!

[@USRealtyTraining]

Glad you liked it! Thanks for watching!

[@mplsmark222]

You did not cover the Redemption Period. I am very confused on this area of the law.

[@RP-le1fp]

My neighbor just dug a huge hole in his back yard with a backhoe. I ask him if he is building a swimming pool. He said no. He is digging a hole to put his house in.

[@sargonbetmansour8205]

You explain very good, just like a storyteller.

[@USRealtyTraining]

Glad you think so! Thanks for watching, Sargon!

[@hypnoticsloth3546]

working on a potential deal for someone who is being foreclose due to punishment? what does that mean?

[@mikeshih6121]

I am looking for a REO specialist

[@hearsyourgear4335]

amazing job

[@USRealtyTraining]

Amazing comment! I'm glad you enjoyed the video and were able to pull a lot from it. Helping people understand real estate is our goal and its always fulfilling whenever we hear positive feedback. Thanks for watching and I hope to hear from you again.

[@danitabugher724]

Going to be millions of buyers next year walking away from those homes they paid 3x more than they are worth.

[@elispitsonnes]

That didn’t age well

[@bigbubba4314]

Prior to notice of sale, the lender must file a lawsuit, and the borrower usually has 30 days to respond. The hearing date is set, and the borrow can participate. If the court finds in favor of the lender, the judge will set the sale date. An option not discussed is a forbearance agreement. This agreement permits the borrower to possibly change some terms of the payment schedule.

[@USRealtyTraining]

Good to know! Might be a future video on this one. Thanks for sharing, Bigbubba.

[@bigbubba4314]

@jonny_laguna I buy small mortgages. There may come a time when I lose a simple default case, but so far, out of 20 or so cases to go before a judge, I have not lost any. So, for me, so far, the court has never found for the borrower.

[@laybackmusic6846]

Foreclosure stinks. SMH the best thing to do is sell your home fast and at least get something instead of nothing.

[@USRealtyTraining]

Agreed! Thanks for watching and dropping a comment and watching the video!

[@zerozilch]

It's about people applying for disability and it taking three to five years .

[@latinamamai18]

It’s all fraud because borrower funded its own loan.

[@doinitlive3015]

Any one who has ever been foreclosed should be banned from buying a house FOREVER. They messed it up for all the millennials. I barely became a first time homeowner this year, due to everyone who FORECLOSED. Lenders have been very VERY strict 🤮

[@USRealtyTraining]

I understand why you're upset with people who experienced foreclosures. I bet it can be frustrating to jump through hoops in order to finance your very first house. It's supposed to be a fun and exciting experience after all! Sometimes life happens. People lose jobs unexpectedly and can't afford the keep up of mortgage payments. Not everyone will withdraw mortgage loans knowing they can't pay it back. Usually, there is a sense of security from a job or other income stream for them to take out a loan. Then something out of their control, will rock their life and eventually cause them to stop making payments. The whole process is unfortunate and extremely emotional for everyone involved. On the topic of foreclosures and buying homes in the future, foreclosures do make it substantially harder, for those who foreclosed, to withdraw loans in the future because their credit score takes a devastating hit.

[@williamgg1785]

When you pay on a mortgage only 0.001 percent of your monthly payments go to principal.

[@williamgg1785]

Yeah, and after a 30 year mortgage, month after month and year after year of ontime payments to a house that was worth 40,000 dollars @ 745.00 a month, 30 years later you'll still owe 45,000 dollars on that same house?? It doesn't make sense!

[@michaelburke-e2w]

by by home

[@USRealtyTraining]

😨

[@brandonhaymaker9433]

Great explanation, thank you!

[@USRealtyTraining]

Glad you enjoyed it! Thanks for watching, Brandon. Glad you found us and welcome to the channel!