FORECLOSURE-Responding to letter of complaint???? - Posted by 20 year old short saler

Posted by 20y.o. Short Saler on July 14, 2004 at 18:21:35:

Thanks for responding. Well I really want to do a good job for the homeowner. I guess I thought I had enough info to begin work on short sales. I work with my partner (mom). It looks like you’re saying that there are huge gaps in our education. I know we don’t know it all, but you’re saying we shouldn’t even be attempting short sales. Unfortunately I don’t know of anyone to hand this over too. Any recommendations in how to take our education to the place where we can do short sales?
We have been sucessfully lease optioning homes and wanted to work in foreclosures too.

FORECLOSURE-Responding to letter of complaint??? - Posted by 20 year old short saler

Posted by 20 year old short saler on July 14, 2004 at 08:12:43:

A homeowner in default that I contacted, has recieved a letter of complaint and now needs to respond. I have Dwan’s course and took the teleseminar but I cannot seem to find info in how to respond to a complaint. When the homeowner called the courthouse they said she would need a lawyer to file it. I’m sure this is not necessary but I don’t know how to answer her and we only have a short time.
Thanks for any help.

Responding to letter of complaint??? - Posted by JT-IN

Posted by JT-IN on July 15, 2004 at 06:56:34:

20 year olds, as well as those who are lots older, must realize what their limitations are, in dealing with property owners. Attempting to assist someone in answering a complaint to be filed with the court is definitely practicing law w/o a license. You, and everyone else who isn’t a lawyer, would be well served to avoid such a practice, cause it surely will end up badly, sooner or later.

Your excitement and interest in helping this property owner is admirable, but the result of which could be very damaging to both you and them. Your best advice to them, would be for you to recommend a reasonably priced Atty who could file such an answer with the court on their behalf… Of course, it would be best for you to understand that there is NO obligation on their behalf, to file an answer at all. Also, if would be best for you to understand what is gained or lost by not filing an answer to the court… The bottom line is, they really don’t lose much at all by not filing… I have seen countless answers filed by individuals, Pro Se, and by high priced Attys on their behalf, and the net result of filing such an answer is the average FC case, is Zero benefit to the owner. The FC case proceeds upon the same course as if they hadn’t filed their answer… Afterall, what can they say here… They either plead with the facts or against them, but what counts is that they are in default of their contractural obligation, the lender will prove this and the court will find for the Plaintiff… regardless of eloquaint the Defendents answer to the court happens to be…

Continue to educate yourself on the process, acquire relationships with Attys who you can refer folks like this to, and understand where your boundaries lay… or else you could get educated on them the hard way.

Just the way that I view things…


Re: FORECLOSURE-Responding to letter of complaint? - Posted by Tom-FL

Posted by Tom-FL on July 14, 2004 at 21:12:29:

You won’t find anything about responding to complaints in a guru course. The homeowner doesn’t absolutely need a lawyer to file the response or even conduct the case. She could do it “pro se” (by herself), but unless she has a really good grip on the rules of civil procedure for your state, she would likely wind up getting her clock cleaned. Something as simple as a response means everything, even the case#, the date, the plaintiff and respondant names all have to be in just the right place on the page or you’re out of luck.

Now, since the bank is going to have an experienced laywer there, then the homeowner should too.

Then again, needing a lawyer doesn’t necessarily mean she needs an expensive one. Have her check the local Legal-Aid, Law Society or whatever is available there. If she is in foreclosure, then she certainly should be insolvent and able to qualify for those. Those organizations specialize in cases like foreclosure, eviction, landlord/tenant, unemployment, etc.

As to you, stay away from the legal documents and the case. Don’t even give any advise beyond “Get a lawyer”. It seems as if you have a few deals in the bank already so you may do okay on short sales.

Tell her your plan, don’t offer any guarantees, get your authrization to release, and POA. Then go talk to the bank.

Do it as early as possible since the longer you wait, the less likely the bank will be willing to deal. Also if you get in over your head, you will have time to bring in a more experienced investor or assign the deal or at least leave the homeowner time to make other arrangements.

Good Luck

You better get some help with this one - Posted by Stan

Posted by Stan on July 14, 2004 at 14:33:22:

THis sounds very dangerous. You are supposed to have the knowledge before you do this transaction. I am not saying that it is rocket science, but your questions shows that you should not be in the middle of this. Your best bet is to try to find someone to step in your shoes and learn from their experience. These types of transactions are done everyday, but you do not need to learn these type of transaction by jumping in. These people are putting a lot of faith in your ability to preform, and you better do what you say your going to do.

Good luck and keep us up to date on how this turns out.

Good post! (nt) - Posted by Eric C

Posted by Eric C on July 15, 2004 at 13:22:37:


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Re: FORECLOSURE-Responding to letter of complaint? - Posted by 20year old Short Saler

Posted by 20year old Short Saler on July 14, 2004 at 22:27:57:

Thanks for a very informative reply! Hey I want to continue my education. Are these guru courses the way to go? Maybe I’m a bit gun shy now. Thanks for the help.