CW 443: America's Foreclosure & Shadow Inventory with Chris Cabanillas of the Cabanillas Law Firm

Jason Hartman’s introduction for today’s Creating Wealth Show was recorded at the November 2014 Property Tour in Birmingham, Alabama. It features a mini-interview with Jonathan, one of the tour’s attendees, who is a 25 year old with a duplex already under his belt and who has big real estate aspirations for the future. He gives his personal account of what it’s like to attend the Creating Wealth live events.   Later, Jason Hartman speaks with Chris Cabanillas of Cabanillas Law Firm, who is an expert in foreclosure and shadow inventory. These are the main topics of discussion throughout the show, but Chris also gives an insight into what you should expect from working with an attorney and considers the issues associated with judicial foreclosure.    Key Takeaways 05.00 – When working in a partnership, assess each member’s contributions and then work out how to offset the equity from that. 09.52 – If foreclosure actions aren’t being correctly carried out, the shadow inventory is just going to continue to grow. 15.22 – With so few of these foreclosure cases even going to court, the majority could be won on default judgement. 19.03 – Ease of foreclosure for lenders changes drastically in judicial to non-judicial states. 21.25 – Chris Cabanillas gives his advice for those facing foreclosure.  25.44 – The personal, human aspect of a short sale might be what leads to higher overall prices.  27.53 – The fee structure will change depending on the attorney’s firm and the jurisdiction they work within, but the most important thing is to be able to meet face to face with your attorney.  36.05 – Foreign investment is filling up places like Manhattan and the investors may never even spend a night there!   Mentioned in this episode   Slicing Pie by Mike Moyer