very confused - Posted by Brent_va

Posted by RR Smith on June 16, 2001 at 12:00:54:

Many are afraid of the kind of help they are going to get since 4closures are full of scam artists on both sides, read about the pysch. of 4closures before you even try and go there.

very confused - Posted by Brent_va

Posted by Brent_va on June 16, 2001 at 11:22:07:

I just don’t understand the thinking of some people. Maybe someone can help me understand. Every weekend I read the legals in the paper and call them about there property. I call the ones with the sale at least three weeks out, that should be more than enough time to dispose of the property. It is not uncommon to put a house for sale and have a signed contract within one day where I live in northern virginia. When I call these people they act as if nothing is happening, like they are surprized that there house is going to sold at the auction on the courthouse steps. They tell me that they have arranged to make the payments up and it wont be for sale at the auction. However,it is almost always at the auction on the sale date. Why do people subject themselves to this when someone is willing to help them out of there situation. I am trying to consintrate on L/O, “subj to” and pre-foreclosures. I think that I can make alot of money on the pre-foreclosures if they will comprehend that they are going to loose there house and they need to do something about it quickly and not ruin there credit any worse. Any help would be apprectiated.

Re: very confused - Posted by ATR

Posted by ATR on June 18, 2001 at 14:31:51:

Hi Brent,

I agree, it’s strange. I am just now dipping a few toes into the foreclosure arena and have had similar experiences. BTW, I am northern virginia.


Re: very confused - Posted by Dave T

Posted by Dave T on June 16, 2001 at 12:14:16:

These people are embarrased that their circumstances are a matter of public record.

These people are in denial. They already know that their credit is severely damaged, and believe that a foreclosure can’t make it any worse. They also believe that the foreclosure will get them out from under their cash flow problems once the mortgage payment goes away. These folks also refuse to acknowledge that their home will eventually resell for less than their mortgage balance and foreclosure costs – resulting in a deficiency judgement.

There may be other reasons, but these were the ones that occurred to me.