Posted by Soraya on May 09, 2000 at 12:17:01:
When the payments are current, the foreclosure stops.
Soraya
Need help from Experts and Gurus - Posted by Tommy_FL
Posted by Tommy_FL on May 08, 2000 at 23:00:12:
I am very interested in dealing with pre-foreclosures…Can someone tell me how a conversation with the owner should be like? very sensitive situation I would guess. Or, should I deal direct with the lender? In this case, what are the pertinent questions? I understand you need to check the title for any other liens and have the bank officer put everything in writing (if assumable loan, interest rate…etc.)?. I am still considering myself a newbie after only 2 deals: one home and one rental. My market is practically a seller’s market and there’s a lot of competition. I am also trying to avoid RE agents who are moving too slow and never following up on anything. I am only looking at bread and butter properties for possible flips or condos for cash flow. Will be more specific next time with numbers. Need to work on the approach first. Thanks everyone for any helpful inputs.
Re: Need help from Experts and Gurus - Posted by Joe Bowman-Ft. Lauderdale, FL area
Posted by Joe Bowman-Ft. Lauderdale, FL area on May 09, 2000 at 01:33:19:
Pre foreclosures is a great segment of the market. At this point you will be dealing with the owner, not the bank unless you intend to purchase the defaulted mortgage and foreclose yourself. When talking to the owner, remember this is a people business more than anything else. Be kind and don’t make them feel like you think they are bad because they are behind in their payments. Discover their problems and be a problem solver. Ask the owners direct questions about the mortgage, payments, amount due, etc. Read any correspondence they may have from the lender. Get written permission to talk to the lender. Learn about creative financing, buying “subject to” the mortgage and Land Trusts and be a problem solver and you will do well in the pre-foreclosure market. Until the foreclosure is complete, only the owner can give you a deed. These are the people that will “give” you a house . . . no money down and no credit check and no risk! Good Luck!
Re: Need help from Experts and Gurus - Posted by Tommy_FL
Posted by Tommy_FL on May 09, 2000 at 09:17:17:
Thank you, Mr. Bowman for your kind input. Could you please elaborate a little bit more on your statement: “Until the foreclosure is complete, only the owner can give you the deed. These are the people that will “give” you a house…no money down and no credit check and no risk!” Does this mean you cannot stop the foreclosure even if you can bring all payments current and take over the balance owed? Thank you.
Re: Need help from Experts and Gurus - Posted by Joe Bowman-Ft. Lauderdale, FL area
Posted by Joe Bowman-Ft. Lauderdale, FL area on May 09, 2000 at 22:31:34:
Tommy FL
My comment about dealing with the owner until the foreclosure is complete is a response to your statement “or should I deal directly with the lender”. The lender can agree to a discount but can not give you ownership (deed) until it becomes the owner through the foreclosure process. Until then ownership can only be given by the owner. Typically, the lenders will stop the foreclosure if the late payments and all fees, etc. are paid. They are not required by law to accept anything less than the entire balance due (pay off) but almost always they will accept being paid up to date. If the bank acdepts the back payments, the foreclosusre processes ends.