How Do I Approach Attorneys Processing Foreclosures?
I sent this to a friend but would like to know what you all think also:
I spoke to a gentleman whose home is due to go to the sheriffs sale on Feb
6th a few days ago. He told me he has a 1st with Countrywide & 2nd with
Citifinancial. He also gave me the phone number to the attorney handling the
case.
Im stumped on what to say to the lawyer if i were to call.
What questions should i ask, & what info should i be looking to obtain from
him? I would love to be able to tell the attorney that i can help any other
cases he has like this get out of foreclosure so i may obtain additional
leads.
Can anyone please offer some advice regarding dealing with attorneys,
Thanks again,
Verbatim
We created a letter stating that HOME OWNER gave us full rights on talking, negitiating and making arangements with the banks and attorneys - one letter for each entity, signed by HOME OWNER and notirized. It was wrtten in plain English, not special blank or "power of attorney" or anything like this.
Then I had to fax all papers to creditors, for some reason, attorney office didn't even ask for one . This is what I was telling them: "Hello, my name is Yulia and I am a buyer of HOME OWNER property. I am calling to you on his behalf, I have a notirized paper where he asked me to do so". Then when they locate the record, I would say that I am very tight on the purchase price and house will not sell to cover everything, please, I can offer to you 3,000 (out of 12,000). Some really went low much, some not, some did after I talked to manager. This guy had a few final judgments.
You need to hurry, the February 6th is very soon. I wish you luck in this!
Dear Verbatim,
First, nothing, the attorney or their representative, will only give you public infomration regarding the sale. WHAT??? Yes, you need an authorization for release signed by the person in foreclosure. You will need two, one for countrywide, one for citigroup, each containing ssn, dob, address of property, and acccount number of individual. Then it is faxed to the two banks and attorney/agent/whatever (just for them to have a copy). You can call and they will order a 'final' bill. They can tell you what the last payoff amount is, they amount owed (if available immediately) how much the attorneys fees are, and that is about it. If you wish to purchase this, you will need to go back to the two lenders, fight your way through the phone system, listen to the legalese recorded announcement, finally talk to someone, they will repeat the legalese recorded announcement. Then they will ask you if your intent is to keep the property, make up arrearage, purchase the property, short sale, or ??? Of course this is if you get a knowledgeable person on the phone. They will want a financial analysis of the one foreclosed on. A statement of hardship, your mother's blood type, DNA samples, and CASH.
Now that has been my experience with handling about 10 of these. I didn't buy any of them. But, darn did I learn A LOT!
Good Luck,
Clint[ Edited by cmiller2 on Date 01/16/2004 ]
MIKE:
Contacting Attys handling the Foreclosure sale for the Lender (unless you have an Authorization to Discuss form from the Homeowner) IS NOT very productive.
However I know you are bringing this up b/c of what you heard on the Tele-Coaching call last night; and when I mentioned how last summer I was able to get 13 pre-Foreclosure Referrals (investor/homeowners) having a total of 77 properties that were involved in a KC MO Mortgage Fraud issue.
As it happened one of the investor (victims) had 10 properties facing Sheriff's Sale and upon being intorduced to HER ATTY regarding the acquisition of these subject to their existing mortgage term...
Her ATTY then asked if I was able to handle more than these TEN (10) properties???
Of Course I said get me as many as you have...
He then told me that about a dozen other clients of his fell victim to some hustler contractor who promised these well-to-do Professional (NOTE: Dr.s Exec.s etc.) who obviously got taken in by the contractor's promises of :
USE YOUR CREDIT and I'll Use My Contractor Know-how + Sect * connections to Make You RICH without hammering a nail!
Well he promised a total of 17 Professional PIGEONS this same marlarky and took them for over 210 Propertie s in low-income areas for about $7 Million+ in potential losses to several large named lenders.
Mike notwithstanding the importance of dull-dilligence (lacking from the above scenario)
I used this example to show you why it is important to Prospect with the pre-Foreclosure Owner's ATTY for REFERRALS!
This is called in the Biz---
The DEAL within the DEAL!!!
So will you obtain 77 properties from doing what I did?
Maybe?!
Point being to maximize the potential Growth of Your RE Deal Pipeline --- expand your prospecting to the homeowners ATTY who files their BK!
I hope you can!
Happy Investing!
Derrick Ali
thanks Derrick,
The gentleman is to speak with his attorney today. I told him to call me after they speak.
Maybe i will have the opportunity to talk to his attorney & network.