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second mortgage defaults florida
Tax Deed Treasures – Florida Property Treasures can be found without a Treasure Map
Tax deed sales of government foreclosure properties are going to increase to the point that the informed and skilled investor who knows how to research and perform due diligence will experience a windfall in profit-making opportunities.
There is no better way for the average person to increase their net worth quickly than through tax deed investing. As strange as it might sound – dirt is gold – and those who understand this will invest in it.
Florida real estate going through the foreclosure process works its way through the system slowly. A redemption period of two years is given by Florida state law allowing the owner the chance to redeem their property before it is sold by public auction. However, the banks that hold the mortgage note on the property are not so forgiving or so generous in the period of time they allow. Just ask the poor foreclosed homeowners who have already experienced the trauma of eviction.
ARMs, or adjustable rate mortgages, and Sub Prime rate loans, are groups of troubled loans that we have heard of the most through the media over the last few years. It is these types of loans that have defaulted, causing the current housing and subsequent banking crisis – like Siamese twins joined at the hip – where one goes so does the other. Foreclosures resulting from these defaulted loans are what we will experience over the next 2 to 4 years. This is just the beginning.
The crisis caused by the Sub Prime and ARMs disaster has generated an effect that few of us know of and even fewer could possibly accept – as it will boggle the mind! The Federal Reserve has issued some $9 trillion to the banks to keep them solvent, or the whole world faces financial collapse. That is $9 with 12 zeros after it – $9,000,000,000,000! Oh My God! Yes, it is hard to imagine. Talk about a ‘comma check’ – that’s a ‘four comma check’ – and unbeknown to the tax payer they are the ones that are writing it, or underwriting it, to be exact. But, and it is a big but – that is not the bad news. That $9 trillion saves the banks, but not the property owners!
There is a saying in baseball – ‘three strikes and you are out’. So far there has only been one strike – the Sub Prime strike. The second strike, the ARMs strike, is what is just now starting to unfold – and the prime rate strike is looming on the horizon against those who were once good payers of their monthly mortgage and have now lost their jobs. The banks know it and are preparing for it. Why do you think they asked for the $9 trillion? Expect the next fiscal year to reflect this disaster.
As people continue to lose their jobs and their savings dry up – as sad as it is to say – they too will strike out.
The banks – with the obvious support of the Federal Reserve, which they own, and the federal government, that so desperately looks for a solution to the crisis at any cost – $9 trillion of your taxpayer dollars to be exact – are about to pitch that curve ball which brings about that third and final strike, and someone else strikes out!
On the bright side – and as you know every dark cloud has a silver lining (after all of that you probably didn’t think there was one), and here it is – this will extend the period of opportunity for the tax deed investor another 2 to 4 years on top of what is already occurring.
Look for the tax deed boom in Florida to go well into 2020. Save up, learn investing skills, and then Get Rich – from Dirt!
About the Author
Harry Connor Jr is a marketing guy in Print and TV Commercial Production in general business and real estate, who loves the internet. For more information on what Harry is up to go here http://www.biz-zoom.com/ and http://www.taxdeedtreasures.com/
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