HELP!

I have found a pre-foreclosure that only needs cosmetic work and the lady has recieved a notice they are foreclosing Dec 4th. I have never done a pre-forclosure,can anyone give advice? Thanks and God bless you!

Comments(5)

  • galeterry14th November, 2007

    I guess I need to be alittle more explicite. I am a cash investor,but never delt with pre-foreclosures.

    The bank sent the lady a letter of foreclosure to start Dec 4th. Can I put this under contract with cash purchase for the balance she owes and take it to the Title company and close it that way or do I need to contact her mortgage company?

    The lady does not have funds for closing cost,so how is that handled?

    Can I contact the mortgage company to see if they will settle for less than what they quoted her?

    Thanks Gale

  • cjmazur7th November, 2007

    In the case of commercial properties, there is a much greater chance of getting the REO direct from the lender.

  • pajc12th November, 2007

    hello,
    I dont have an answer for you but a question? where do you get a list of pre-foreclosure properties... I do loss mitigation and im looking for that particular information


    thanks

  • bgrossnickle12th November, 2007

    What is the typcial foreclosure time line in your state?

    In FL the auction is usually 90 days after the Les Pendens is filed.

  • rei0415th November, 2007

    I send a combination of letters and postcards. roughly every 10 days i mail something to them

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