Pre-foreclosure note(s)

Foreclosures, Short Sales, Tax Foreclosures
1

I remember reading somewhere about helping homeowners who are facing foreclosure.

The strategy is to bring the homeowner current, create a note (high interest ?) for that amount allowing them to remain in the home. The homeowner would then pay the investor (me) and if they default the homeowner would lose the home to me.

It’s been awhile, so I may not have remembered this strategy correctly. If it sounds familiar or if someone has experience/tips that could lead me in the right direction, I really appreciate it.

Also, if anyone has examples of the correspondence sent to someone in pre-foreclosure, that too is appreciated.

Thanks

2

i now send you to www.mentortolunch.com look under creative financing i believe you will find something that will help ya on this

3

Thank you for the info.

4

Honestly, I would not write a note to a person who is currently in foreclosure. Why not just assume the loan payments and possibly rent it or use it as a lease option?

Mike

5

well differant boats for differant people if you get a not you can have a escrow company collect the money and then you just get a check with a lease option or rent you have to deal with tenants and all that fun stuff and if the person stops paying then u foreclose and short sale the 1rst mortgage

but like i said differant tunes for differant people

6

thanks for the replies.