Theres a few signs around my area that say "AVOID FORECLOSURE!!!" and give a phone number. Basically these people are trying to score some pre-foreclosures right? I've read a few articles on it, but they are pretty unclear on whats involved.
Do you have the occupants contact the lender and see how much they owe and then you make an agreement with them to pay it off, so their credit is saved and you can give them some money as an incentive? While you get the house of course.... It does seem a bit pushy to me, and my feelings may get in the way of being successful at that, but at the same time it is true that all these people would get in the end is a eviction notice and ruined credit, but atleast they can save their credit to get another house...
How late in the foreclosure will a lender let it be payed off? Right up until the auction date or just before the foreclosure is listed? Or do you not even deal with the lender and just buy their home? What are the other technicalities with this? Any clarification would be appreciated...
Go pick up a copy of "How to Make Big Money in Foreclosures Without Cash or Credit" by Peter Conti and David Finkel. This book answers every question you just asked and makes you feel like a pro when you're working one of these deals because of how much information they give you.
I hope it's as helpful for you as it has been for me!
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