Negotiate a preforeclosure workout

Each year in every city, hundreds (sometimes thousands) of property owners skid into a financial wreck. Divorce, job loss, accident, illness, business failure, binge spending, destructive borrowing, and other setbacks render people unable to make their mortgage payments.

But rather than effectively deal with their mortgage problem as soon as trouble hits, most owners hang on too long hoping for a miraculous rescue. Because miraculous rescues rarely occur, most of these people end up facing foreclosure.

At that point, you maybe able to help these potential sellers salvage their credit score and part of their equity and at the same time secure a bargain for yourself. Faced with pressures of time and money, these property owners may accept a quick sale at a price below market value. The sellers' lender may even let you assume their existing mortgage on favorable terms. Because lenders lose money on foreclosures, the lender will review offers that credibly promise to improve its current doomed position.

8 Secret #s 75-81 address foreclosures and REOs. My book, Investing in Real Estate, 5th ed. (John Wiley & Sons, 2006), explains their profit potential more thoroughly. Also, you might listen to my audio book, Goldmining in Foreclosures, Trump University, 2006.

Win The Foreclosure Battle

Win The Foreclosure Battle

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