Pre Foreclosure Letter

One question.....please refresh my mind on exactly what are the indicators of a 'pre-forclosure' property?

Thanks for the info.

Linda

Notice of Foreclosure,NOD (notice of default) aka lis pendes, trustee sales noting foreclosure auction dates

i just purchase the edge 5 days ago,my situation is you also gave us a bonus and i was going through it but some how i lost it.how can i achieve it back,by the way i have not recieve the edge yet

wayne

Great letter, thank you. I have a couple of questions - once the seller responds what do you do? I am assuming you will collect all the information like payoff, FMV, number of payments behind etc., after that how do you structure the deal? if you find lot of equity you can wholesale or if equity is less than do you do lease options or subject tos? or do you just refer to a shortsale specilist. The reason I am asking is I am getting some leads from my bandit signs, till now I only got leads which are upside down ..whose loan is more than the property is worth, the only thing I can think of referring them to a short sale specialist. Any advice on how to structure a deal depending on the leads would be awesome. Thank you so much for your contribution to this site.

Maddy

if you're lookng for something here on this site that you've replied to, click your username or my account and then click the track button to find it

when you find topics of interest, BOOKMARK them to find later in my bookmarks

ALWAYS use the seller info forms to gather all needed info (find them and more by clicking my username and then click 'track' button)

Above left in Main Sections - Real Estate Forums you'll find info on foreclosures, L/O and Sub2. You can also use the search box (upper left under Deans chin) type in keywords and hit enter (magnifying glass DONT work)

And yes, Thank you Mike for such great contributions to this site. I learn so much from you. Tammy

If you are dealing in the pre-foreclosure arena, make sure you are aware of your state's laws regarding dealing with a property in foreclosure. Much new legislation has been introduced in the current foreclosure environment. For instance, in California, they even specify the size and style of type and where it needs to be placed in relation to other parts of the contract. If you don't have your contract in the proper order, it could be declared null and void.

"The following notice in at least 14-point boldface type, if
the contract is printed or in capital letters if the contract is
typed, and completed with the name of the equity purchaser,
immediately above the statement required by Section 1695.5(a):"

"NOTICE REQUIRED BY CALIFORNIA LAW
Until your right to cancel this contract has
ended,
________
(Name)
or anyone working for ________
(Name)

CANNOT ask you to sign or have you sign any deed or any other
document."

There are certain things you can and can't do in pre-foreclosure. Check your state laws.

Appreciate your info.

Linda