Holy Crap!!!! FORCLOSURE!!!
Okay, So I've heard of people that go around charging others that are in the forclosure process to talk with the bank to try to get them to just take what they need to bring the mortgage current and tack it on to the back of the existing loan and stop the forclosure process. Do you guys know anything about this? If so, is this a hard thing to do or impossible? And would this be a good way to go if you found someone in pre-forclosure by seeing if you can get the bank to do this before you take the house subject to?
I'd rather not pass up a deal just because I didn't have the money at the time to do something like that (even though John says get the house before it gets that far). What do you think? Is it worth a shot anyway?
Also, if that didn't make sense its because I've been boozin' some tonight....
Peace[ Edited by kingmonkey on Date 01/01/2004 ]
The tactic is reality, however, just anyone can't do it.
You'll need to know what your or the current owners game plan is and how they plan to keep up the payments and not just get behind again
Ther are several other options to stop forclosures and some others are even easier and probably more conviencing..
Like what? Where should I look to learn this information?
This is my favorite subject:
My whole real estate business is based around my loss mitigation business and after one year, actually making a full-time living at it.
We charge pre-foreclosure prospects a fee to mitigate their mortgage problems and if they are mot mitigatbale, we round up the investors, negotiate the short sales or do a deal with them ouselves.
I like negotiating with the mortgage companies and their investors. The hapless homeowners can be a pain in the @ss sometimes because of their denial issues.
Can anybody do this? I think not. It really takes two of us working full-time just keeping up with the banks and the homeowners. We split the duties; Liz does most of the mitigations with the banks and homeowners and I handle the liquidations with the banks, investors and homeowners.
We are also working WITH real estate agents now - HA! We have negotiated a deal with two brokers with the stipulation that if we give them the listing for a retail liquidation, they have to cancel the listing if we bring a wholesale investor. This is also working well.
Hope this helps a little. I think helping people retain their homes is very rewarding (not just the money as we charge a very modest fee) and the investment opportunities are just too numerous and profitable.
Good Luck and have a drink for me!!!
C-
how much do you charge a client? and what is this fee based on?
cpifer,
Very interesting concept. I am curious as to how much you charge and how you justify the fees... I agree, helping people with these problems is very rewarding, when we can help. I also agree with the denial issues of many of the people. It can be frustrating getting them to understand that what they want, may not work. I just do the best I can and move on.