Greetings to all...
Steven and I have been busy the past week, assisting a homeowner in foreclosure. His auction date is Nov. 16, so timing is everything.
One way investors can help a homeowner in foreclosure is by negotiating with the lender to purchase the house. This keeps the foreclosure off the homeowners' record. A foreclosure can prevent you from owning a home up to 10 years, and also does not look good for a rental.
There is definitely an element of trust involved. The bank wants to see the homeowners' bank statement, check stubs, tax records and other personal information. The homeowner must place the trust in Steven and I as investors, since we need his social security number and are privy to his most personal data. He also has to sign a limited power of attorney for us to act on his behalf in order for the bank to even begin talking to us about purchasing the house.
In the current situation we are working on, the homeowner was really ready to be released from the burden of not being able to pay the mortgage and knowing that the place he had called home for nearly 20 years would be sold at public acution.
He had had a number of other investors contact him, but chose us. One reason was because we advertise on TV, which gives us credibility. But that only gets our foot in the door. I like to think he chose us to help him out of this situation because he saw that we are genuinely interested in helping him.
Let's get real here...we are in the investment business to make a profit. But when we are working on this gentleman's case, money is not first and foremost in our minds. Putting our heart and energy into helping him is very important to us, and I think that is the case with most other investors we have met who work with people in foreclosure.
Steven and I have been through a lot of different situations in our lives. I filed bankruptcy in 97 after a friend and I started a business that went belly-up. It had nothing to do with real estate investing, by the way...it was retreats and workshops for women.
Steven and I also have been unemployed at various times, and lived in a weekly motel for 6 weeks...the six longest weeks of my life.
We know what it's like to be in a downward spiral, and we know that it's hope, faith, and the goodness of others that helped us get on the upswing.
That's why we're committed to doing what we can to help homeowners in foreclosure save at least a little dignity and credit by not having their house go to auction.
For more information, visit our website at: www.coolstarts.com
Steven and I have been busy the past week, assisting a homeowner in foreclosure. His auction date is Nov. 16, so timing is everything.
One way investors can help a homeowner in foreclosure is by negotiating with the lender to purchase the house. This keeps the foreclosure off the homeowners' record. A foreclosure can prevent you from owning a home up to 10 years, and also does not look good for a rental.
There is definitely an element of trust involved. The bank wants to see the homeowners' bank statement, check stubs, tax records and other personal information. The homeowner must place the trust in Steven and I as investors, since we need his social security number and are privy to his most personal data. He also has to sign a limited power of attorney for us to act on his behalf in order for the bank to even begin talking to us about purchasing the house.
In the current situation we are working on, the homeowner was really ready to be released from the burden of not being able to pay the mortgage and knowing that the place he had called home for nearly 20 years would be sold at public acution.
He had had a number of other investors contact him, but chose us. One reason was because we advertise on TV, which gives us credibility. But that only gets our foot in the door. I like to think he chose us to help him out of this situation because he saw that we are genuinely interested in helping him.
Let's get real here...we are in the investment business to make a profit. But when we are working on this gentleman's case, money is not first and foremost in our minds. Putting our heart and energy into helping him is very important to us, and I think that is the case with most other investors we have met who work with people in foreclosure.
Steven and I have been through a lot of different situations in our lives. I filed bankruptcy in 97 after a friend and I started a business that went belly-up. It had nothing to do with real estate investing, by the way...it was retreats and workshops for women.
Steven and I also have been unemployed at various times, and lived in a weekly motel for 6 weeks...the six longest weeks of my life.
We know what it's like to be in a downward spiral, and we know that it's hope, faith, and the goodness of others that helped us get on the upswing.
That's why we're committed to doing what we can to help homeowners in foreclosure save at least a little dignity and credit by not having their house go to auction.
For more information, visit our website at: www.coolstarts.com
posted by Cool Starts Properties at
9:47 PM
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