Offlinei just found out that a freind of mines house had been in pre-forclosure and i had asked him to show me the house about a week ago....i thought it would be a great opp for me to steal his house for a great price all while helping him stop forclosure.
but its too late...
what can i do?
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impossible is nothing!
What state do you live in?
Hey Larry did you think about your friends feeling? Maybe you could talk to him and lease-option back to him. Create a win win situation!
I do not think it is ever too late. If it is in preforeclosure, there should still be ways to work it out in a positive way for the both of you. Keep thinking outside the box and it will come to you. Possibly, go to the home owner and see if it would be OK to contact the loan institute to see about a short sale and save the friends credit for the future. If they are truly your friends, you will figure it out. Just my opinion.
erh
The lease op is not bad. But think about leasing it back because he is having finanacial trouble, so if you lease option it back to him you run the risk of him not being able to pay, at least right now. Weigh this out carefully.
I got my mind made up.....
www.Kingjussinvestors.com
www.jussinvestors.com (buyers site)
thanks guys for the advice.
basicallyi just got into doing this and he let me know his situation a bit late. i asked him yesterday about the status and he said it has just gone in to forclosure.....no more pre. so his credit is basacally gone now right??
plus dont i have to go thru the bank now??
its not really about the money, i really do want to help him out but i dont know how to go about it.
is it now a reo? or is there still time?
impossible is nothing!
Your friend can still negotiate with the bank to save his home, I know this from my own experience. Stealing his home shouldn't be the objective here, helping him should. LOL! Depending on your state, a foreclosure takes a certain amount of time, usually three months, but each state is different. Has he gotten a notice for the sale of his home or is it just in default? There are different solutions for each stage of the foreclosure process. I don't normally do this and it may be violating DG rules and I apologize for that and understand if you delete it. But I feel I have to help someone in this situation, if you want to learn more about it you can go click on my link below. I highly recommend this website and the information ONLY because it's helped me and others keep our homes. Pass this information on to your friend! There's plenty more foreclosures for you to steal.
God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
thank you very much elana. i didnt mean for it to copme across as i would like to gain from his missery, just wanted to emphasize that it has great potential. his stiuation is this...him and a brother were to go halfs but his brother backed out and left him all alone..he tried selling and after a few months gave up and chose not to care. i'll pass on the info youve given me and hopefully try to salvage his credit.
thanks again, and i promise im not as cold hearted as i came across lol.
impossible is nothing!
No no, I didn't mean to say you were cold hearted. I was only joking. I think he's very lucky to have a friend who cares enough to try to help him. I went through it alone and was scared out of my mind! I was ready to walk away, the sale was only 30 days away and I truly thought it was over, then I came across that information and within two weeks I saved my home! So now I will shout it from the roof tops if I have to, because I NEVER want anyone else to go through that. Keep us posted on your friend and best of luck with your rei!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
thanks E. by the way your baby is beautifull. i knew you were joking but a few people had thought i only had my intentions and was only worried about maken money.
i really appreciate the help it means alot....ill keep you posted
impossible is nothing!
Sounds like the perfect time to assign a contract. You help him out and you get paid.
In some states (best for you to look at the foreclosure listing) there is a way for the owner to get his house back called "Redemption Rights". The owner has first dibs, but there is a window of opportunity set as well; typically 30 days. If he can't/doesn't want his home back, you could buy his redemption rights from him for $2-$3k. This means the house is yours and it doesn't matter what happens at auction. Of course, you need to be careful because it could also mean you may end up with some mortgage baggage.
Without a vision the people parish. Prov 29:18
hmmmm....^^^^i'll give that a look. ive never heard of that. thanks for the info.
btw. im in california.
and platinum i'll see if i cant find some one....an assignment would be pretty straight forward.
thanks for the info guys.
impossible is nothing!
The situation here could be complicated. Your friend I guess has lost some of the income that assisted him with the mortgage payment. If he cannot carry this expense, the best thing is to sell before the house is gone completed to the bank or auction which could be detrimental to his credit. As suggested above proceed with caution. Remember, in this dire situation do not try to capitalize and leave the owner in debt and distress. Find out from him what is the balance on the loan and probably try doing an assignment or if you could afford to purchase, do so for the amount he owes or a few thousand lees than what he owes the bank. Good Luck.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
sandra thanks......thata another option i never knew was there...
so in all...
if the house is worth the trouble i could simply find or buy it myself for what he owes on the loan and the bank would hand it over....??
its that simple?
impossible is nothing!
Most of us here in CA don't have any equity anymore. We owe much more than the house is worth. IF your friend has any equity then it should be simple to take over the current loan and move forward. Options are numerous after that.
IF they do NOT have any equity you might see if you can discuss Short Sale with his lender - that gets tricky, especially since you want to help your friend stay in his house. The owner that is being bailed out is not supposed to benefit from a Short Sale... but where there is a will there is a way - first thing - find out how much he owes and how much it is worth. You have lots of options to choose from and specific steps to take to determine which options might work in this situation. Great thing you are doing by taking what you are learning here and helping your friend !!! Good luck !
In His strength and time -
d
I have strength for all things in Christ Who empowers ME [I am ready for anything and equal to anything through Him Who infuses inner strength into ME; I am self-sufficient in Christ's sufficiency]. Phil 4:13 AMP
dar...
man im glad to be here. everyone is so helpfull, and i hope soon down the road i can help people too.
thanks for the advice. his house is in a nice neighborhood, hopefully it still have some equity, but if not i'll def try to grab a short sale.
but i herd that short sales take anywhere from 1-3 months sometimes to finalize. whould he still be losing his money all while the sale is being processed.
after i speak with him.
i'll report back with what i learned and seek more advice.
thanks again guys.
-Larry
impossible is nothing!