Wholesaling Mortgage Pre-Foreclosure

[Terry Evans]

Hello All,

So I was hoping for some feedback from the BP community.

I have been focusing on marketing to pre-foreclosures / both tax pre-foreclosures and mortgage pre-foreclosures.       All of these properties will be headed to the block within 30 days

So far every mortgage pre-foreclosure I have approached, that are willing to sell, have been underwater on their mortgage "they owe more than the property is worth".

The only out for these home owners on selling their home would be a short-sale.  In my experience, none of the lenders are willing to honor and "assignment of contract" on a short sale transaction....

So has anyone had any luck in finding a mortgage pre-foreclosure in which the home owner does not owe more than the home is worth , and has enough equity for a whole sale or assignment of contract to work?

Next month I am thinking of focusing solely on tax per-foreclosures, but before cutting my leads about in half, I want to make sure I am headed in the right direction. 

Thanks for stopping by and sharing.