I’m working with a seller, who needs money to move into her next property (a rental). She’s behind on her payments and doesn’t have access to funds. How do you typically deal with this kind of situation?
Thanks,
Ben
If you were not in the picture, what would she do? I’m pretty sure she would figure out someplace to go one way or another. So I deal with it by staying focused on the project. The HO will leave one way or another, it’s your job to convince them that by vacating the home sooner give you a better chance of getting them out of foreclosure. They could move in with friends or family when it comes down to it, but first things first…you have to find a buyer for the home.
If you have no buyer, then why do you care to waist any of you time dealing with where the HO is going to go when they move from the foreclosure? I have found that many HO’s in default try to get money from EVERYONE who has anything to do with the home under the excuse of moving expenses.
A newer problem that is becoming more and more frustrating is that the HO’s will wait for the REO Cash for Keys program. They can often get up to $3k to vacate a property. So if they wait and let the bank buy the home back, they get to live for free for several months up to several years, then get paid to move out.
With foreclosure being a ‘trend’ these days, many HO’s are simply allowing themselves to go into foreclosure without putting forth any effort to avoid it. The media has made the mortgage situation seem impossible and that everyone is pretty much screwed, so HO’s are believing that and just laying back without a fight…which is fine for them, but not for us.
GooD LucK! :beer
:cool
This is very good advice!! Most people today and has been the deal with alot of folks in this spot. They want some one to come and fix all there troubles and have it cost not one thing to them !!
Now be this the great uncle sam >>> or a investor What we need to do as investors is as was said keep our eyes on our job /business !!!
If you are the salvation army then this is another thing ?