California Foreclosure Homes

Foreclosures are at record highs in California as of the third quarter of 2007, a result of "declining home prices, sluggish sales and sub-prime mortgage distress," a real estate information service reported. (DQ News)

California Mortgage Lenders are not surprised. "We know now, in emerging detail, that a lot of these loans shouldn't have been made. Lenders were too eager giving away money to borrowers who could never have afforded the financing in the first place.  Most of these homes used 100% financing loans with adjustable rate mortgages.  Once the adjustment period ends, the payments skyrocket to the point where the homeowners cannot afford it.  They have no choice but to hand over the keys   

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There is no time like the present to invest in California Foreclosure Homes or HUD Homes. These distressed properties can be purchased at pennies on the dollar.  History tells us that California Real Estate has a track record like none other in the United States and now is the time for one of the best opportunities we have seen in a very long time. 

California Foreclosure Home Deals

The best time for a real estate investor to get the best deals on Real Estate Foreclosure Homes occurs after the home is defaulted by the borrow and repossessed by the lender. Unless the borrower pays the loan off on his or her own accord, the following three events may occur during the pre-closure grace period allowed by California Foreclosure Laws.

• The borrower may sell the real estate property to a third party to pay off the loan and avoid a foreclosure on his or her credit
• The borrower or lender may sell the property in public auction
• The lender may sell the property in the open market (with agreement from borrower)

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As you can imagine, a real estate investor looking for California Foreclosure Homes would be most interested in finding homes in the pre-foreclosure phase avoiding the whole court process.

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