Foreclosures

My first query is about Foreclosures...I know the concept, but will need to focus on the PROCESS of helping people in pre-foreclosure and such. Any help would be appreciated! There are sooo many foreclosures right here in Texas! TIA! ~Kat

Okay Kat, What I have learned about helping people in pre-foreclosure. The first thing everyone says to ask the home owner is if they have talked to the bank / loan originator and see if they can help. We need to let the home owner know that some banks will set up a new payment plan with the late payments, or add the late payments on to the end of the loan and some banks will even modify the loan. They can also call a foreclosure attorney to see how they can help. This option can be more costly but most will offer a free consultation and usually give the home owner any other options for their situation.

However there are other situations that these options will not work for the home owner. If the home is upside down, or if the owner lost a job and can't find work, etc., then the repayment plan will not work for them. If the mortgage is still not feasible then the home owner can sell the home by putting it up for sale or asking the bank if they can do a short sale.

When we find a house in pre-foreclosure we need to find out from the home owner what they have done so far to stop the foreclosure. From there we need to let them know what their options are. If they have exhausted their options or just want to get out of the home then we can give them a way out by purchasing the home at a discounted rate.

Well Kat, I hope this helped. This is the extent of my knowledge so far if anyone else has anything to add please do.