Foreclosure Prevention? - Posted by chuck

Posted by chuck on April 30, 1999 at 11:38:00:

ANY INFORMATION ON PROJECT FORECLOSURE PREVENTION, HOUSTON, TX, WOULD BE APPRECIATED.
Here’s the idea, as I understand it: A company called Project Forecolsure Prevention in Houston, TX claims that much money can be made helping a lot of people avoid foreclosure. Two to whom they referred me called me back and said 'Yes, it works, I am making VERY GOOD money.'
The idea is that 18-21% (!?–seems high) of mortgages go into foreclosure, and can be worked out with you (me) as intermediary. The list of these is in public data bases, PFP has a process that works, simply. These two focus all over country on over $100,000 properties or higher.
Basically, for a minimum of $1000 or one monthly payment, you work out a different payment plan with mortgage holder, whose relations with moretgage payer have deteriorated. Mortgage holders are stuck in their ways, mortgage payers are looking for a way to keep property–mostly homeowners.
I’ve found nothing negative yet, but that the mortgage holders should have departmants to ‘work out’ probelme mortgages.
PFP principals were formerely on tother end, in mortgage department at Citibank.
BONUS: PFP makes money refinancing, and you get a $500 fee for referral to that.
REPORTS OF ANY EXPERIENCES WITH PFP OR SIMILAR PROGRAMS WOULD BE OF VALUE TO ME.

Thanks,

Chuck