Posted by Clair-MO on December 21, 2002 at 09:09:09:
LeAnn, I would give her enough to move out and for another place to live between 1500 and 2000 dollars. How much will the lender give her when he actually foreclosed on her? -Nothing-!!! So you see I’m being generous to her if she signs over the trust/warranty deed to you and you catch up the past payments if you are able too. I don’t do subject tos or foreclosures because I don’t have the time to do so. Just my 2 cents!
Pre-Foreclosure Call–Please Help! - Posted by LeAnn
Posted by LeAnn on December 21, 2002 at 24:18:36:
Hello All-
A homeowner that responded to one of my t/b l/o ads called me tonight to let me know that she is in the 1st stage of foreclosure. She said that she needs $5k to bring the loan current and owes $97k on the loan. I previously checked comps on the house and concluded $153K. I haven’t checked into the possibility if other liens exist. I was originally considering a l/o or outright purchase of her property when she called me a month ago. Now tonight, she “comes clean” and reveals her true motivation for wanting to sell her property.
Question is:
I am a newbie. I don’t know what I can do to work this deal. I know that she has talked with other investors, but claims that she would like to work with me. She has expressed that she would like as much $$ from the deal as possible. What would the experts online here suggest I do? I am supposed to meet with her on Sunday night.
Please Help!
Thanks,
LeAnn
Re: Pre-Foreclosure Call–Please Help! - Posted by Joe
Posted by Joe on December 21, 2002 at 10:26:34:
LeAnn
Good advice from the other. You want to do your homework first at the recorders/assessors office and make sure their aren’t other liens and so forth.
Create the win/win as suggested. Another good spot is on richdad.com and look for a guy named utahinvestor. He is an expert at these and offers great advice.
Good luck