l/o's for foreclosing homeowners

[trecey]

Would it make sense to approach a homeowner in pre-foreclosure and try to set up a lease option on one of your properties??? Or even approaching them to rent one of your properties??? Any thoughts? ???

[Money-Money-Money]

Hey Trecey,

Just a thought I was thinking of after reading your msg.

Would you want to put someone in one of your properties that is already behind on their mortgage payments??


The way I look at it is, why would they pay YOU w/o the mortgage in their name when they can't even pay their own mortgage?

Just something to think about!!!

MONEY!!!

[trecey]

My thinking was that I am quite sure people don't usually go from owning a home, then all of a sudden go to skid row, sleeping in the gutter. If they have owned their home, then somewhere down the line they were responsible people. They usually find SOMEWHERE to live, whether thats an apartment, etc. I am also thinking that they might have money to pay rent but not the arrears on the mortgage payments to save their house.

[Money-Money-Money]

Not bad thinking, but b carefull!!!

Good Luck!!

MONEY!!!

[lmrobinson]

tracey,

I recently sold a pre-foreclosure (via short sale).  I represented the buyer.  After closing, the original owners moved into a home for lease not far from the home my buyers bought from them.  So, you may not have a bad idea.  Just be careful.  Sometimes people get behind and are unable to catch up, but they may be able to start from stratch on a new property.

Hope this helps.

[trecey]

We all know that bad things happen to good people. So I think this could be a win/win situation for all involved. Adding a plan to get the financing at the end of the lease option would be beneficial in cases like this, just to make sure they are making strides to repair credit that might have been damaged with late mortgage payments. I think this could work!