finding preforclosures
First just want to say this is a great website!! second, i am very new to the industry, but i have been reading a -lot and it seems that preforclosures is the way to go, but how do i find them and what do i do next?? any replies are greatlly appreciated.
Thank You in advance
Hello TJH,
There are several ways to locate preforclosures: (1) Go to the county clerks office to see who is behind on their taxes; (2) Get a friend in the mortgage business that can give you heads-up on owners that are behind on their payments; (3) Drive neighborhoods and see which houses look like it is disrepair, empty, or have a 30 notice to vacate. Doing any of these can get you in contact with the owner a few day prior to competion from other bidder at auctions. Good luck
TJH:
Hi and WELCOME to the TCI Family! First off I'd like to invite to join in on my upcoming Wednesday Night CHAT here on TCI November 9th, 2002.
I will disclose my Succes Secrets for finding a steady stream of "Don't-Wanters"
The title of the Chat will be:
"Everything you wanted to know about Quick Starting Your Real Estate Investing!"
Also I offer FREE Mentoring and Consulting on your Real Estate Goals/Objectives.
This FREE Share of Mind aka 'Brain-Sucking' is part of me giving back the success I've found in my 15 Years of Real Estate Investing and Mortgage Finance!
TJH please feel free to research articles (here on the TCI Website) on Tips for finding motivated owners.
Finally if you'd like to cut to the chase TCI has made my New book on 'Getting Started in CREI" available on the Shop TCI Tab. It's the Best $19.95 investment you can make. (I'm biased though)
Derrick
November 9th!! I have to wait a whole month!!! oh well, derrick, i can't find your book? But i digress...
I found that my county has a pretty extensive website where i can do alot of the searching instead of always trekking down to the county clerk and recoder's office, do a search on google.com for your county and see what you find...if they don't have a website, go on down to the offices and learn how to search up records....look up houses you know and see what you can find, once you get good at it, you'll be doing your own closings in no time...
tjh5675,
Glad to meet you.
Welcome on board this board. You will find plenty of help here from all of the investors who post here.
Your learning expierence is just beginning, you will find no better place than TCI to begin it.
John $Cash$ Locke
Derrick Ali,
I will be there on the 9th, is your chat formal or informal so I know how to dress.
FREE is a pretty heavy word, but then you are the kind of guy with enough strength to lift that kind of load.
I just ran into an old friend from a few years ago who is trying to convert me to the Pac Trust method. Someday I will have to meet Mr. Gatten, he can really fire up the messengers. No preaching to the choir allowed however.
Always my best Derrick.
John $Cash$ Locke
Just wanted to thank everyone for the great replies and suggestions.
no problem, just promise you'll apply what info was given
TJH:
Here's an excerpt from my letter sent to Homeowners in Foreclosure!
Make sure you offer something of VALUE B4 you SEEK some (or ALL) of their VALUE!
Just include it into an introductory letter---I'll publish one of my own successful letters right here on TCI!
LQQK for it soon!
Derrick
###TIPS for PreForeclosure Owners ###
A Definition of Foreclosure:
Foreclosure is the legal action taken by a lender to settle a defaulted property loan.
It becomes part of your credit record, adversely impacting your ability to get credit in the future and normally is reported for 7-10 years.
When you can't keep up with your mortgage payments, common nowadays due to our lay-off ridden business failure world, foreclosure need not result if you take action! Below are some of suggestions both my associates and I hope can work for you and your particular situation.
First Step Towards Solving Your Foreclosure
The moment you realize you don't have the cash to pay your next mortgage payment, call your lender. Don’t get nervous, hide and don't panic. Lenders don't yell at borrowers.
The sooner you and your lender connect and the more forthright your communication, the more likely you will be able to stay in your home.
If Don't Feel Confident Calling Your Lender
You only got more trouble a brewing!
If you become shy, embarrassed, or just resigned that the matter is hopeless, the lender will start and keep calling you--—typically when your mortgage payment is 15-21 days past due.
Add to that late fees ranging 5 to 6 percent o the total monthly delinquent amounts.
Step Two: SOME SELF-HELP SOLUTIONS
-Workout Plan (Re-Payment / Forbearance):
This is common, but not usually doable by most homeowners. The payments could be double to two and one half times the regular monthly note.
-Rolled in Re-Finance:
Sometimes a lender may forgive some of the penalty interest and/or payments and refinance a new loan if the equity warrants it.
-Short sale (pre-foreclosure sale):
Where an Owner Sells their Over-financed property for an amount less than their mortgage Loan.
If you don’t go bankrupt the lender could still come after you for the deficiency (check your state)
-Deed in Lieu (settlement):
Where the owner grants the deed to their home to the Lender as satisfaction of their Mortgage Debt
Derrick Please Help Me to Help Myself!
(6 Things you can do to help Prevent Foreclosure)
By becoming proactive you will not only come up with more money but you'll also feel stronger psychologically. I'm sure you can add to my list of suggestions.
-WORK OVER-TIME: Get a second job, moonlight or freelance, etc.
-JOB LOSS: Shrinking Income? Mickey-D’s -Take a less appealing JOB.
-BUDGET: Haggle, Deal, Bargain, SACRIFICE the Dining Out & Pints of Haagen-Dazs
-SAVINGS/INVESTMENT LIQUIDATION: include junk cars/bonds, stocks and/or securities.
-RETIREMENT: Pension, 401(k) and/or IRA. (Some Penalties can be waived for distress)
-FAMILY & FRIENDS: Ask for their help or a loan.
HOME OWNERS BEWARE:
Once the foreclosure procedure starts, you can expect calls and e-mail from companies offering all kinds of help. Some will be legitimate but many will be operating a scam called "equity skimming.
" Resist the temptation to sign on with someone you don't know who promises you a pie in the sky. You are much better off working directly with your lender.
If your Lender will not communicate with you then it’s time to consult a FREE Consumer Mortgage Loan Advocate (CMLA) in your area!
###
Hope this helps!
Much Success,
Derrick Ali
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