- BraamParticipant@shinobiJoin Date: 2020Post Count: 0
Hi Everyone :-)
I was wondering if it is possible to obtain a list somewhere with properties that are in the process of pre-foreclosure? How would one be able to obtain such information? And also, would it be possible to then buy the loan from the bank, so that my business owns the loan now instead of the bank?
My strategy is that I want to be able to contact the owners who are busy defaulting on their home loans and negotiate with them to take over the loan from the bank, then to contact the bank and buy the loan (hopefully at a discounted price). If I then own the loan I will be able to negotiate with the owners to restructure the debt in some way and come up with a new payment plan in order to help them get back on their feet if they were undergoing some financial difficulties and to hopefully let them keep their home. If however at the end of the day they still cannot pay back the loan or start defaulting again, the property can be sold to recoup the money owed.
I please need help to determine if this kind of information of homes in the pre-foreclosure stage is available somewhere and how it is obtainable and also if banks are willing to sell their debt on mortgages that are being defaulted on?
Thanks :-)propertyboyParticipant@propertyboyJoin Date: 2008Post Count: 232
Good qs, anyone know?TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024