Stop Home Foreclosure

Being in pre-foreclosure can be an absolute nightmare. If you have tried everything and your mortgage is still in default, it’s time to call an investor. You’ve gotten enough brochures, letters and cards to paper your kitchen, but they are all so confusing. The following guidelines can help sort out all that information and find someone that can help you solve your real estate problems.

Does your investor have experience?

Whether the investor that you choose has experience or not is not as important as how you feel about your choice. A new investor will spend a lot of time and energy working on your situation. They want to succeed because they want to get paid and push their career forward. Most new investors are working with a mentor of some kind, and will get the help they need to succeed. If you are facing an impending auction, experienced investors will have the resources and connections that will help them get the job done quickly. What is most important is that you have good rapport with the person that you are working with and that you trust that they will do the best they can for you.

What do the investor’s marketing materials look like?

Are they professional looking? Do they have misspellings? A lot of this business has to do with details and if the investor can’t even use spell check, do you think that they are going to pay attention to your details? But don’t be overly impressed by slick advertising either. You want someone who is somewhere in the middle and who seems knowledgeable as they present their information to you.

Does the investor work in your local area?

But don’t let a slick website from a national franchise impress you either. It is better to work with someone who live relatively close by. The foreclosure business is hot, and you may be approached by someone who can live practically anywhere. Working with a local investor will help assure you that if something goes wrong through the foreclosure process, at least help will be near.

Will they let anyone you want look at your documents?

The deal that you make with your investor should be a win/win situation for both of you. He or she will make money, but you shouldn’t feel that someone is stealing your equity either. They should be open with the paperwork involved. You should be able to have anyone you choose look at it, before you sign it. The understanding that you come to with the investor should be good for everyone involved.

Is the investor responding quickly to your concerns?

Although someone working in this field may be very busy, it is important that they give you the attention you need. This is a major decision for you and your family and you should never feel that you are being brushed aside. Remember though, that you are probably not the only client that the investor has. Do not be too demanding. You should also note that in order to do a good job, the investor may have to exercise some patience with the bank or other people that they may be dealing with on your behalf. Communicating your needs is important, just remember this is a tedious job and everyone needs to exercise patience.

How difficult is it to get out of a signed contract?

When you sign a contract with an investor, it is a legal document. In California, people facing foreclosure have three days to change their mind and back out of anything that they have signed in regards to their house in foreclosure. If you live in another state, this same consideration should not be a problem, unless you are days away from auction.

If you find someone you like, stick with them.

Don’t shop around looking for the best deal among investors. A signed contract is a legal document and a good investor will spend a lot of time making sure that they really can help you. If you have found someone you think you can trust, hang on to that investor. Treat that person like you would want to be treated, with trust and respect, or you may find that you have no one to help you.

Gut feelings are good.

Don’t be blown away by fancy websites or slick advertising. If you think someone is being dishonest with you, or a little too pushy, follow your gut instinct. They probably are. Find someone else.

With the amount of foreclosures happening right now, there is plenty of honest business for the good foreclosure investor. If they are willing to spend the time to help you, if they are there to answer questions, and if you feel that what they are saying makes sense to you, use them. But you have to do something besides hoping that your problem will just disappear, because it won’t. You need someone to help you go through this difficult time in your life. A good investor will help push you forward, minimize your credit damage and possibly save your house.