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An Easy Guide To Finding A Preforeclosure Investor

Feb 20, 2008
Getting a letter from your mortgage company that says you're house payment is way past due can be very stressfull. Ignoring it will only make it worse. If there are no more places to go for help, it's time to call an investor. Choosing the right person to help you is important if you don't want to be ripped off. You also want someone that will help you save your credit. This list can help you make the right choice and pick someone who is right for you.

What kind of experience does the investor have?

Whether the investor that you choose has experience or not is not as important as how you feel about your choice. A new investor will spend a lot of time and energy working on your situation. They want to succeed because they want to get paid and push their career forward. Most new investors are working with a mentor of some kind, and will get the help they need to succeed. If you are facing an impending auction, experienced investors will have the resources and connections that will help them get the job done quickly. What is most important is that you have good rapport with the person that you are working with and that you trust that they will do the best they can for you.

Does the investors marketing materials look professional?

The impression that you get when you look at the investor's marketing materials is important. Dotting i's and crossing t's is important because the investor will be dealing with a lot of your legal documents. Someone who is careful and competent in how they present themselves, will use the same type of care when they are presenting your case to the bank or prospective buyers.

Does the investor work in your local area?

But don't let a slick website from a national franchise impress you either. It is better to work with someone who live relatively close by. The foreclosure business is hot, and you may be approached by someone who can live practically anywhere. Working with a local investor will help assure you that if something goes wrong through the foreclosure process, at least help will be near.

How comfortable are they with letting others look at your paperwork?

Investors want your business. They will make money helping you and they are entitled to that money. But the relationship should be win/win. An honest investor will let you take documents that they want you to sign and allow anyone you like to look at them. They will answer all of your questions to your satisfaction. They will be patient in explaining anything that you want explained.

Did someone respond right away when you had a problem?

An investor may have many other clients, but you should feel that you are their only one. This is a stressfull and sensitive time for you. The last thing that you want to feel is that your concerns are not important. You should keep in mind however, that good work takes time. The investor may not have control over how soon he gets an answer back from the bank. You should however, have your calls returned promptly. If you feel like you are playing telephone tag, use email. Often times its a much faster and convenient way of communicating.

How difficult is it to get out of a signed contract?

Because you are signing legal documents, you should have time to think about what you are about to do. Some states have a cooling off period for the homeowner to change their mind. Although foreclosure is a time sensitive matter, unless you are days away from an auction, you should be given time to think over what you are doing, and who you are going to deal with.

Don't shop around for deals or investors.

If you find the right solution to your foreclosure situation, then stick with and use that investor. It's not right to try and shop around for help, once you've committed to someone. The investor has put time and effort into helping you as best as they can. If you deal with people in a fair and just manner, then that is how you will be dealt with. Pass over a good deal and you may end up with no deal at all.

If common sense says its not a good deal for you, then it probably isn't.

If something sounds too good to be true, than it probably is. Don't be wowed by flashy advertising, or slick websites. If it seems fishy, use your common sense and move on.

Having your home go into foreclosure may be the worst thing that has ever happened to you. Doing nothing, hoping that the problem will just go away, will make the situation even worse. If you have studied these guidelines and found someone that you feel good about, who seems to know what they are doing, and has answers to all of your questions, work with him or her. Choosing a good investor will help you get past this situation and help you come up with the best solution for your house and your credit.
About the Author
Being in pre-foreclosure is frightening and confusing. Don't try and do it yourself. Read Deborah Schultz's excellent report on finding a good foreclosure investor, and avoiding foreclosure scams
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