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Old 09-28-2005, 12:47 PM
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Default What to do with Pre-foreclosures that won't pay out?

Investors- Some of you deal in pre-foreclosure properties, whether
it's occasionally or whether it's the only type of market you work
in. Finding a desperate seller and a good profit potential can often
be found with these types of properties.

But what about those properties that won't provide enough of a
return for you, the ones that you can't be bothered with? It's not
hard to pass on pre-foreclosures that aren't going to pay out, but
how does it feel to tell that desperate homeowner that you can't
help them?

Realtors- If you've had to turn down these homeowners when they're
trying to get it sold fast-even trying to get ANYBODY to take it off
of their hands so that they don't have their credit ruined, you know
that these homeowners go through a lot of heartache and stress. They
aren't educated on the fact that they have other options than the
ones they've been trying to use.

Mortgage Brokers- How many loan/refi applications are coming across
your desk that your agents are ending up having to turn down because
these applicants are facing foreclosure?

I work with a company called US Foreclosure Prevention. We help
homeowners keep their homes and stop the foreclosure through various
Loss Mitigation techniques. We've been able to stop the foreclosure
in some cases up to the day before the sale. We don't want their
home, we want to help them keep it and avoid foreclosure.

Filing Bankruptcy is not the answer. It's only a delay tactic. The
lender's going to continue with the foreclosure, AND if the mortgage
is reinstated they may still require the homeowner to pay as much as
THREE times their attorney's fees BEFORE they can start making the
back payments!

Some homeowners might work out a plan with their lender before the
sale, but we've found that it can be less than 10% that are
successful at this. Those that are successful most likely end up
paying too much to get reinstated.

If you'd like to help them out much more than saying, "Sorry, I
can't buy your house (or I can't help you)", you can act on your
empathy and let them know that they can visit this link to get

Or they can email me at or

There is absolutely no pressure put on these homeowners-they're
under enough of that.
If they do indeed want us to deal with their lender, then we'll
evaluate their information and provide a solution for them. If it
turns out that we can't provide a solution, there is a money back

If you have any questions, please let me know.

Renee Rubio
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