I work with investors that are looking to purchase properties at wholesale prices. Unfortunately, with covid many people have found themselves facing foreclosure this year. My investors have me and others reaching out to these individuals to see if they can assist them with their situation. The investors are looking to put some money in the pocket of the property owners, as well as provide them with the ability to get back into a home within 12 months if they desire. The property owners are given the opportunity to have their home get caught up on the debt, pay off the outstanding debt on the home, as well as money in the bank to help them move forward. The investors will also assist in moving the sellers and repairing credit to assist re-establishing them for a later purchase.
Seller's have four options if caught in time.
1) By the grace of God, get caught up on the loan and pay off all attorney fees. This might be achievable with one of my investors, depending on circumstances. This might entail taking a second loan. Not everybody will qualify.
2) Place home on MLS (HAR.com) and attempt to sell and halt foreclosure. This is called a short-sale. Problem with this type a transaction, is you are at the mercy of the lender/bank. If the buyer is taking a loan, the lender may not want to wait for the new lender to get all their ducks in a row. The lender may decide to foreclose on the property because the wheels are in motion.
3) Sell the house to an investor and get some money prior to the foreclosure sale. Kind of like a short-sale, but the bank is getting cash (really a wire) and receiving all their money prior to the foreclosure date without delays.
4) Let the property go to foreclosure and lose it without getting anything.
Give me a call and let me know if I can assist.