Second Wave of Foreclosures

for sharing:)

Thanks for the information. Very valuable information.

Wayne

WOW...a 2.4 mil condo in miami is now going for 900 something. thats a loss of almost 1.5 mil in 2 years!!!!! Who's to say it wont be worth only 300k in 2 more years???

Tough to say whether to buy now or sit on the sidelines. Whats everyones thinking on that?

I watched It a few timess,and I could moke out the one name - options arm-,but I can not make out the other name -It sounds like"all hays",but I looked it up and came up with nothing,can some one HELP ME,this is driving me crazy. thank you so much for your help
Anthony P

this is great

http://en.wikipedia.org/wiki/Alt-A
You can Google it, too. You'll find a ton more info.

Anthony, thank you for sharing that link to the news story. I don't watch TV, so would have missed it. Very sad, but very compelling to not be standing on the sidelines.

Thanks again,

Rina

http://www.deangraziosi.com/node/10696

This should really flush much of the remaining mortgages that aren't strong. Those who have decided to just walk likely have already. The X factor IMHO after that will be solely dependent on the economic conditions surrounding jobs/income.

Hey Tony, just noticed your question and I had the same problem! I found it on the net and it is Alt-A loans. Don't ask what that is tho, we probably don't want to know! Merry Christmas! Bill

i mean could it really go down that much i mean 300k come on thats alot the market cant go that low that would make reg homes go down to what about 50 to 40k and thats high figures like homes that are 200k now it can go down that much there be a crazy buying frenzy if that was the case

Buy even more properties at even lower prices, rent and hold, if necessary. Lock in your rates on current loans.

can everyone please not use any further acronyms, unless you are willing to type out the complete name next to the acronym. It is very difficult for us "newbies" to grasp the content of your message, when we are troubled by "what did he say....or what does this mean, etc" So, I hope no one becomes offended by my response and everyone please have a safe and enjoyable Christmas holidays!!!

We've all been there (newbie, that is), so I know how ya feel. We've got a good glossary on the site if you come across an acronym that you're unsure of. It's on the left-hand side of the page here. And if you find anything that's not in it yet, just leave a note, and we'll add it. Sorry if we/I forget to do that sometimes.

Rina

P.S. Merry Christmas to you, too.

Nice job.....Posting that Vital Info, see 60 minutes is on sundays at, I think, 5:00pm and I'm sorry but that cuts into my Football time, so i'm glad you posted it, cause i would have Never saw it, SULLY

Thanks for sharing. As long as God is in charge things will get better. He did not bring us this far to make us suffer. We have to stay focus and do what we feel is necessary and the right thing to do. Things are going to change, we do not know when, but it will and we hope soon. In the mean time, what we have to do is take advantage of the opportunities that come our way as we ride the storm. Good luck to my DG family.

Sandra

It is quite okay to voice your opinion about things you do not understand. I was also in the dark and needed clarification. Therefore when a question is asked or a comment made, it is a learning experience for all of us, and it also reminds everyone to follow through with explanations. Thanks and God Bless.

Sandra

im having a had time finding me time. im a single 38 year old mom with a full time job. out of my house st 6 am, back at 630pm my son does not sleep he's one and a half years old. Any advice anyone.

my thoughts exactly

could u be more specific with what your goals might be and how you have envisioned reaching these goals. It's always best to start at the "end" and work toward the "beginning." If the team could just hear alittle more about your present situation re: real estate investing and what things you would like to see happen, maybe we can assist you better. Thanks!

Like wealth2008 said, Ms. Success what are your short and long term goals and how do you intent to accomplish these goals. Concerning your busy schedule, you may have to do some time management. Did you purchase DG millionaire book as yet, that is your first step. Through this interactive site, there are always a wealth of information that will address most, if not all of your concerns as a new investor. All is not lost, at least you have opened up and voice your concerns. We are here to help you and all the newbies to this site. You have made the best decision by tuning in to the DG website. Good luck and God Bless.

Sandra

No offense.... but if read your post again you might realize that it has nothing to do with this particular thread on new foreclosures.

Please, be so kind to open a new thread to discuss your personal difficulties. That would be nice because everybody who is subscribed to this thread gets email notifications every time somebody posts, and if (like in your case) the post has absolutely nothing to do with the topic it kind of gets annoying. Thx for understanding.

And to Sandra and wealth2008: If you would like to give her a "helping hand" or lend your ear, I would recommend to use the PM (= Private Message) feature.... that's what it is intended for, right?! LOL

Thx, guys/gals! We appreciate it!

C.

I watched the 60 minutes more times than I can count,the bottom line is this is going to be the best time too invest in our life time.Its IS not time to be afraid but to be very very smart.I'm just starting and I've been studying everyday just to learn what this business has to offer me.All I see IS A VERY GOOD 2009.I found some investors in the new york area and that was the hard part,there are too many foreclosures,too many families losing their homes and for the first time I see that I could really help.I never thought I be saying this but It is not just about making money.
After watching 60 minutes trere is one thing I do worry about AND HAVE NO CONTROL OVER,what is coming next.aLSO I want to thank everyonr that answered my question about the name of the mortgage Type ALT A
Well that enough for now
I want to wish everyone a very happy and healthy holliday to both you and your family
ANTHONY PALUMBO

After looking up both ALT A and option ARM and doing some research there was one thing that was very troubling, and it was this ;
CRITICISM
Adjustable rate mortgages are sometimes sold to unsophisticated consumers who are unlikely to be able to repay the loan should interest rates rise. In the United States, extreme cases are characterized by the Consumer Federation of America as predatory loans. Protections against interest rate rises include (a) a possible initial period with a fixed rate (which gives the borrower a chance to increase his/her annual earnings before payments rise); (b) a maximum (cap) that interest rates can rise in any year (if there is a cap, it must be specified in the loan document); and (c) a maximum (cap) that interest rates can rise over the life of the mortgage (this also must be specified in the loan document).
All people wanted was a chance too own their HOME and they were taken advantage of. When I read that Criticism It got me very angry at the greed of these big ,rich companies.I think for the first time in my life I feel that I could really help someone.Now I see how important when I read WIN - WIN - WIN ,It means something to me
I want to wish everyone a HAPPY AND SAFE NEW YEAR
ANTHONY PALUMBO

Well maybe we aren't the Roman's per say but the empire some have built on terms and contracts with options has created a major fall for many and hopefully a way to opportunity for investors. Don't forget to give back and help, that alone is worth more than a few gold coins. The information in this broadcast means the foreclosure business is going to get even longer and everyone needs to get busy.

I am busy trying to straighten out my credit and learn more about hard money lenders. I have to take action as I have nothing else at this point. I would really like to make new friends as I can't count one on one hand and I am trying to crawl out of my shell. Anyhow pay attention to the media but stay away from the violent stuff, or it might pull your mindset down. Best wishes for everyone and have a Happy New Year!!!

Bill

HI MY NAME IS MARLEE AND I AM NEW TO DEAN'S PROGRAM I PLAN ON BEING VERY SUCCESSFUL AND PROFIT GREATLY WITH WHAT I LEARNED

As everyone probably realizes, a few general areas have been hit much worse than most of the rest of the country, such as California, Florida, Arizona, and Nevada. Also recall that these areas had the highest increases on the way up. As Dean's book points out, different locations experience real estate cycles in different ways, and what works well in one area may not work in other areas at the same time. At the right price, you can make money on the way down or up.

Before everyone launches attacks at the "greedy lenders" who "caused" this mess, please consider what really caused it. Congress, under Clinton, set up the mechanism to make loans available to more people. As the years passed, Congress began setting rules that made it a requirement that lenders relax their standards, and loans were made to people who weren't likely to be able to keep making the payments. This was one cause of the housing boom, and there seemed to be no end to the money that Fannie Mae made available. Lenders faced large fines if they didn't perform as expected; does that make them greedy? Certain members of Congress received huge contributions from Fannie and other lenders, and these members of Congress made sure all attempted reforms failed to take place. Now, that's being greedy! These same members of Congress are the ones who blamed everyone else for the fiasco and strutted around informing us that we had to make sure this would never happen again.

Some areas are reportedly starting to level off already, so there the time to act is now. Other areas have a while, maybe a couple of years, before things start to level off. That gives investors time to study the market so they will be able to grab excellent buys with time left to get the good buys. Don't forget, though, that if you buy right you will do well, but these deals need to be searched for.

cactusbob

Is it a good idea to go outside of your area for the foreclosures? If states like FL,CA,AZ, and NV are hit worse than MA, where I am, would it be wise for me to start looking there? It seems like there would be even more people for me to help while making money.

Stephen

Thats very eye-opening. Thanks for sharing.

An artisans view.. about the next wave
I saw and heard many stories of how some early investors bought new or rehabbed a condo/home, held them for 5 to 6 months and then made a $50,000(+-) profit with a flip sale. The tail end of any trend is always a gamble.
Watching that video gives me piece of mind that I didn't fall in to that trap. I did go to a sales seminar about a year ago on hotel condo's. That was a dog and pony show similar to the South Beach production. Intrest only loans ..don't worry,just sign here.

I went threw hell to get my first mortgage many years back. Well I guess it's my turn now to capitalize on somebodys reckless investment. I do know one thing (IF IT WAS EASY EVERYBODY WOULD DO IT) So back to reading and working hard starting a new career. I do know it will get easier.

Andre S.

Thank you for the info. This is a historic time in or lives. Continued success......Lubertha

this was a great story to hear and see .because i got sick of hearing on the
news that the market was staring to come back. look there,s nothing i would
like to see like the housing and job,s and banking to come back but like us
that watch we understand its going to take some time.this should be mandatory
for all home owners.thanks great story.