12 Ways to Stop a Foreclosure
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Hey Daniel. You may or may not know the answer to this... If an HOA is foreclosing would a TRO against the HOA work to stop the Foreclosure? I know that your answer is “it depends” but trying to think of talking points with HOA foreclosures leads. TIA!!
Hey Daniel! I’m sorry if this is an obvious question but how would you make money if the person keeps the home? My thought would be that you wouldn’t make money but it would be helping out the borrower.
My goal has always been to provide the seller the solutions that make sense to them, and that doesn't always mean I get the contract. That to be said, if an owner wants to keep the house I will run through those options with them, along with the general requirements for all of those options.
Most of the time the seller will come to their own realization that keeping the house isn't an option. Such as, they have been unemployed for over a year, behind on all finances, and have zero income, but assumed they would get a loan mod and it would allow them to keep the house. Reality is, if they have no income, the banks not going to qualify them for a loan mod. Most people in preforeclosure need assistance getting to reality.
I just jumped into REI weeks ago and started cold calling. I called a preforeclosure guy today who said he filed bankruptcy, owes 105k on wth 123k ARV (maybe 5-10k of work), and wants to get rid of the house. Just wants to walk away. Couldn't believe it! Bad side, he does not want to talk about it because of a nasty divorce and also doesn't care if it goes to sheriff sale. He claims he's forfeited the house. The bank can't release any info to me without his approval and he's motivated to be rid of the house, but not motivated to solve his issue.
Thought I had a deal, it doesn't seem it's falling that way.