Posted by Andre (NC) on March 24, 1999 at 14:44:52:
Joe’s website is www.nothingdown.com.
Pre-Foreclosure Contact - Posted by Karrie Rogers
Posted by Karrie Rogers on March 16, 1999 at 14:55:35:
Does anyone have a successful technique for contacting people going through the “pre-foreclosure” process. These can be very touchy waters and I have encountered some opposition with homeowners. Any recommendations, letters, brochures, etc. Please let me know. Thanks for your help.
The best pre-foreclosure approach - Posted by John Behle
Posted by John Behle on March 17, 1999 at 19:27:08:
I think the best approach is what I use. Our letters to Realtors and homeowners are geared to help the homeowner.
If we can re-finance them we will run them through our lender. If we need to bring their loan current first, we will do that and finance later. If financing isn’t a possiblity and the LTV ratios are right, we will make them a loan to bring them out of foreclosure. Sometimes we wrap the underlying loan to enhance our yield and safety. If it isn’t a wrap, we will insist on an escrow.
If when meeting with them to help them out, they are not able to save the home or want out anyway, we will make them an offer. That may be for a straight purchase or to do a “Sale Option Leaseback” to give them a shot at getting back on their feet and getting their property back.
If there is motivation in the lender (especially if it is a private lender) - we may buy the loan at a discount, trade the lender another note or do a adjust the loan to a reasonable amount (sometimes called a “cramm down”.
If we don’t want it, we’ll put them in touch with a capable real estate agent to get their home sold - for a referal fee (I’m a broker).
Whatever we do, we make money and avoid appearing like just another shark out to steal their property.
Re: Pre-Foreclosure Contact - Posted by Jim IL
Posted by Jim IL on March 16, 1999 at 22:43:15:
Check out “Joe Kaiser’s” web site, he has a letter that is GREAT!
I just made one, and sent it out today to some “pre-foreclosures”.
We sahll see what it does here.
(although, I’m sure it won’t work in this area! LOL!)
I think it is called, “The ultimate foreclosure letter” or “Loser foreclosure of the month”.
Check it out,
Jim
Re: The best pre-foreclosure approach - Posted by Reif
Posted by Reif on March 25, 1999 at 23:37:13:
>>I think the best approach is what I use. Our letters to Realtors and homeowners are geared to help the homeowner.<<
John,
I think I missed something here.
What’s the motivation for an agent who has a listing to help the homeowner save their house?
Reif
Re: Pre-Foreclosure Contact - Posted by Mark(NorthCA)
Posted by Mark(NorthCA) on March 23, 1999 at 04:10:33:
Hello Jim…
Was just wondering if you could either e-mail me Kaiser’s website address or post it here online…thanks in advance.
Mark