Mortgage forclosures

[Anonymous]

From: Anonymous


OK interest rates are low (historically) and few people default on their loans in times like these. However, there must be SOME, SOMEWHERE. Where are they? how do I find out? How do I go about buying them really cheap?

Hate to profit off another persons failure but a bargain is a bargain.

D.

 

[Sim]

Reply: 1
From: Sim' Hampel


Interest rates are low right now because the economy is slowing down and the government wants to try and kick it along a little.

The measure that the economy is slowing is usually a combination of things, including consumer and/or business confidence.

If business confidence is down it is usually because times are getting tough and profits are not as good.

Look for someone who has started their own business (for the first time) within the last couple of years and has also bought their own house.

Statistics show that around 80% (I think) of new businesses fail within the first 5 years. If someone new to the game (hence inexperienced) used a lot of their own money or even took out a mortgage over their house, then they may be facing a tough time during an economic downturn.

You could always hover around them like a vulture ;-)

My point is, interest rates are low for a reason, and it's not a pleasant reason, so there should be plenty of opportunities out there.