1st pre foreclosure deal

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[ Edited by lornadawn on Date 10/25/2002 ]

Comments(3)

  • DerrickAli25th October, 2002

    dDawn:

    Nice to meet you..and WELCOME to the TCI Family!

    Ask the owner to give you a 60 day non-exclusive option to come up with what you need to CORRECT HIS PROBLEM!

    Remember it's NOT Your problem and you are also RIGHT about NOT making any Promises nor GUARANTEES.

    Next get him to sign an Authorization to Discuss' form so you may talk with his lenders.

    Ask them for a Forebearance agreement or workout plan. Sometimes the 1st mortgage lender can set up either a
    -Debt Substitution Agreement or
    -Debt Cancellation Contract

    ---Either of these could allow you to assist the owner by getting the lenders to:
    1- Add the defaulted payment into a NEW MORTGAGE NOTE or

    2-Add the defaulted amounts ONTO THE BACK END of the LOAN!

    Hope this Helps!

    [addsig]

  • way_motivated25th October, 2002

    congrats on first deal...rins, repeat, rinse repeat!!!!!

  • Investor4life24th November, 2003

    Just be sure to keep up your motivation and build up some momentum in your business. This will create a consistency and a lot of moolah for you! Congrats and Good Luck!
    [addsig]

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