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Buying in Foreclosure — Is It Legal

Foreclosure is a legal process by which real estate purchased through a mortgage or deed of trust is sold in order to pay back debt on a defaulted home loan. While looking for a new property to invest in Maryland, it is better to consider buying a foreclosed property. Buying a property in Maryland is the largest and most important real estate investment most people make in their lives. Take as much time as you want, to explore all the avenues of this decision. Read on to know whether buying a foreclosure property is legal or not.

Beware of Over Financing

Over-financing your property is not so difficult in real estate business in Maryland until you have a good credit score. Some amateur real estate investors in Maryland may consider 100 percent or more equity financing of their properties with no money down. This seems working for them even with lesser cash flows. The smart investors will do away with such a practice. There are hidden risks involved in over-financing. Read on to know the disadvantages of getting finance over and above the equity value of your property in Maryland.