Sweet Orange

The flowchart found in the my next post will explain the foreclosure process, including the difference between a trustee sale and a bank (REO) sale. (If the flowchart image isn’t clear, try viewing  it at 125%, especially if you are using the Internet Explorer browser. Missing lines magically appear when viewed at the larger size. Or better yet, try using either the Mozilla FireFox or Safari browsers.)

For more information on understanding the foreclosure process, avoiding foreclosure, and investing in foreclosures, see these articles:

• Yahoo Real Estate Foreclosure Center— provides an overview of the foreclosure process, information on buying a short sale, information on buying at a trustee auction, and information on buying bank-owned property
• US Department of Housing and Urban Development’s (HUD) Guide to Avoiding Foreclosure—as the name implies, provides information on avoiding foreclosure
• Wikipedia’s Foreclosure entry—provides a overview of the process and  a link to information on how we got to where we are today (Real Estate Bubbles)
  

You might also be interested in California Foreclosure Institute’s free foreclosure investment workshops at the Irvine Heritage Park Library. The next Irvine workshop is scheduled for June 30 at 6:30 pm to 8:30 pm. Another workshop is scheduled for Brea on July 1 at 6:30 pm to 8:30 pm. These workshops are ongoing; therefore,  if you can’t attend on these dates, more options will be available.

Finally, to get a sense of what is happening with foreclosures in Orange County, see these articles by The Orange County Register’s Matthew Padilla and Jeff Collins:

• “Banks holding more O.C. foreclosures“
• “Foreclosures filings hit record in O.C.“
• “Foreclosures account for 4 out of 10 O.C. home sales“

Tomorrow: the foreclosure flowchart

Chart Courtesy The Orange County Register