New to Short Sales / Pre Forclosures

[Will Sifert]

Hi,

I am researching all of the properties in my area that have just began the pre forclosure process. I am not sure if this is the same everywhere, but where I am located one of the first steps the bank has to do is file a seizure document with the local court house.

I can search all of the seizure documents, so I find the people who have just started going though the "pre" pre foreclosure process. I can also research easily how much they owe, how much the original mortgage was, if there is any other liens on the property, which bank owns the mortgage etc.

I assume if they are way upside down on their mortgage or have liens on the property then I should skip it. Is there other things I should look for to avoid, like a particular bank that is very hard to deal with?

My plan is to contact them and attempt to do a short sale. I realize that since they are very early in the process they may ignore my first letter so I plan on sending them a couple letters over the first couple months.

Any advice or threads you can point me to here that has already discussed this?

Thanks