Property in Pre-Foreclosure old owner wants it back

[Dan Milinazzo]

So, here is the scenario. A couple purchased a house in Massachusetts back in 1979 and continued to raise their family there. I will refer to this couple as the original owners for the sake of this post. They sold the house in 1993. It has since changed hands a few times. The current owner has a 9/2008 mortgage on the property and is reportedly in foreclosure. One of the children of the original owners lives nearby and informed them of the foreclosure status. They want the property back as a summer house (to escape FL). I have checked the registry of deeds and cannot find any record under the new owners name attached to any sort of NOD. Yet the property just show up on "free" foreclosure listing sites.

Anyway. This family knows I am involved in REI and want my help getting this property. I am seeking your guidance and advice on this situation. I am new to REI and I am leaning towards Wholesaling. SO obviously this is not a core focus for me at the moment so I know there are pro's (I prefer not to use the term guru) out there that may be able to guide me in this endeavor.

Thank you in advance for any assistance you may provide.