Two Foreclosure Leads - WTH do I do!?!

[Taylor Jennings]

Ok, I have been humbly reminded about how little I know...

I've had two of my first three phone leads ever over the last two days and I'm clueless with how to answer the question:

Seller: I'm facing foreclosure. How can you help me out?

(Simple question to answer right? WRONG not when you're out of control nervous ha)

How should I respond?

Thanks!

[Wendell De Guzman]

Taylor Jennings,

Depending on how quick the foreclosure is (meaning at what stage in the foreclosure process, the house is at), you can formulate the right solution accordingly.

1. If the house still has some equity (30% or more), you can say to the seller, "I can buy your house cash before it gets foreclosed on."

2. If the house does not have 30% equity or does not have any equity, AND there is NO SUMMARY JUDGMENT yet (stage of foreclosure), you can tell the seller, "I will negotiate a shortsale - offer cash to the bank and get you out of your situation."

3. If however, there is already a SUMMARY JUDGMENT or worse, the foreclosure sale is already SET, you need to hire an attorney to buy you more time while you negotiate a shortsale.

The above three solutions assume the seller does not want to stay in his/her home.

Which county is this in Indiana? I might be able to research this for you to find out what stage the foreclosure is in. Let me know.