How Do You Forclose On A Note?

[Glen Scharer]

I am looking to purchase my 1st note, take over and forclose to sell. Is anyone doing this, or a big headache? What are the steps to make this happen and what time frame would I be looking at from start to finish. I understand the variables but just an average time table! Any input would be helpful.

[G. F.]

There are many people who purchase paper as it's called. You should educate yourself before stepping into this area of real estate investing. I recommend you take a look at Dean Engle's Note Buying Profits web site. He offers about 16 hours of free content to get you started. The foreclosure timeline varies by the state and county level. Freddie Mac has come up with a time line which you can view on pages 65-78.

(pdf link) http://www.freddiemac.com/news/pdf/interventions_in_mortgage_default.pdf