How Do You Protect Your Interest?
I have an interesting problem, and would like to hear some of your thoughts on how to turn this problem around in a relatively simple way.
I have been contacting homeowners with NOD's, facing imminent foreclosure. Thought this would be a logical place to find motivated sellers that I could birddog over to other investors until I could pay off a few bills, improve my FICO, and buy a few houses of my own.
I am working with the owners of 3 houses that are currently in foreclosure, and am in the process of shorting all three with the mortgage holders due to excessive repairs and/or the houses being over-leveraged. All 3 mortgage companies want preliminary HUD-1 forms, and there's no appropriate place on a HUD-1 form to put a short fee.
I'd prefer not to double close, but just collect a birddog fee.
How do I do this? Am I missing something? Should I have just let the investor deal with the bank? (There are so many foreclosures around here that I thought doing the legwork on shorting would be a good thing. Now I'm beginning to wonder!).
Thanks for any ideas you can share! [ Edited by luckofthedraw on Date 05/01/2004 ]
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