What to do, when you find somone in pre-foreclosure with equity in the property?

[Edward Alvarez]

Hi all,

looking for everyones input and advice...

I found an elderly lady whos in default on her loan of 100k. The property has a value of 600k. Lots of Equity! She would like me to help her out, but I'm weary about what to do. I've heard negative things about helping people in foreclosure who have equity. Like people sueing after the fact on equity skimming, etc... What would be the best way to approach this problem? Thank you all in advance. Looking forward to reading your resopnses...

[Will Barnard]

Disclose, disclose, disclose, & even have her get legal representation, and dont take advantage.
Get the home for for a "fair" price, but below market and disclose that fact.

Does the home need work? Why is she in default. Sounds like you have an opportunity here if done right.