Driving for Dollars - Lead in Foreclosure

[Nick Talvy]

Hey BP.

I sent out my first batch of letters to homes I found "driving for dollars" last week. My first call back yesterday lead to a homeowner who was a year behind in mortgage payments and said the home is set to go to auction in April.

1. At what point in the process do you typically see the bank's name on the property records?

2. At what point in the process is it to late to make a deal with the homeowner/bank?

3. Is short sale the only option after behind in payments after so long?

This is in Florida.

Nick Talvy

[Bob Okenwa]

1. Not sure what you mean by "bank's name on the property records".

2. You can end the foreclosure process up until the moment the property is sold at auction.

3. Short sales occur when the home is being sold for less than what is owed. Bank approval is needed for short sale. You can close on a property without a short sale if the owner has enough equity to cover the mortgage balance and back payments.