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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: EASY is the name of the game. Posted by Ward-CA- on January 09, 2002 at 2:19 PM In Reply to: How to Cure a Foreclosure posted by Donna on January 09, 2002 at 1:26 PM : Help please. Can someone explain the process of curing a pre-foreclosure. Basically, what I am attempting to do is purchase a property that is scheduled for foreclosure at a public auction in 4 weeks. And I would like to make an offer to the seller and have them sign a purchase agreement. I then plan to obtain financing for that amount from a mortgage company. I am prepared to put 20% down and I am approved for the remainder of the financing. But how do I prevent the house from being foreclosed?? : Do I contact the foreclosing mortgage company directly?? Or will the mortgage company handling my financing of the property take care of this?? : All responses will be greatly appreciated. =•=•=•=•=•=•=•=•=•=•= Donna, you’re making the purchase a lot harder on yourself than need be. Just determine what the owner’s NET would be if they sold the property. So you’d be deducting all unpaid financing and other liens, rehab expenses, selling expenses, closing expenses, etc. Then make them an offer of 50% of the remaining NET equity. Then give them no more than $5K in cash up front when they have moved out and the balance in the form of a promissory note and mortgage secured by the property, all payable in 18 months, or upon refinancing, or upon resale. Now you have time to fix up and resell the property and pay off their existing mortgages, property taxes, and the new mortgage you gave them out of the proceeds of that escrow. Hope this helps. Follow Ups: Re: EASY is the name of the game. Ward-CA- 5:34 PM, 01/10/02 (0) Re: EASY is the name of the game. Donna 4:53 PM, 01/10/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Help please. Can someone explain the process of curing a pre-foreclosure. Basically, what I am attempting to do is purchase a property that is scheduled for foreclosure at a public auction in 4 weeks. And I would like to make an offer to the seller and have them sign a purchase agreement. I then plan to obtain financing for that amount from a mortgage company. I am prepared to put 20% down and I am approved for the remainder of the financing. But how do I prevent the house from being foreclosed?? : : Do I contact the foreclosing mortgage company directly?? Or will the mortgage company handling my financing of the property take care of this?? : : All responses will be greatly appreciated. : =•=•=•=•=•=•=•=•=•=•= : Donna, you’re making the purchase a lot harder on yourself than need be. Just determine what the owner’s NET would be if they sold the property. So you’d be deducting all unpaid financing and other liens, rehab expenses, selling expenses, closing expenses, etc. : Then make them an offer of 50% of the remaining NET equity. Then give them no more than $5K in cash up front when they have moved out and the balance in the form of a promissory note and mortgage secured by the property, all payable in 18 months, or upon refinancing, or upon resale. : Now you have time to fix up and resell the property and pay off their existing mortgages, property taxes, and the new mortgage you gave them out of the proceeds of that escrow. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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