I hear way too many Realtors and investors tell me they missed out on a deal because the homeowner was “too close to foreclosure”. This is never the case! If you find a homeowner and need to delay the foreclosure so you can close the deal, you have options!
Option 1: Bankruptcy
While this will be a “credit hit” to the seller, bankruptcy is an option they can take to delay the auction. The good news is this can be done right up to the morning of the auction and can be done for free! The sellers do not need an attorney, however, you can not act as one and help them if you are not an attorney. But they should know that they can call the local Federal Bankruptcy Court and a Court Clerk will be more than happy to let them know which documents they need to download and file in order to prevent the foreclosure. This is known as the “emergency bankruptcy kit”. If they ask the Clerk for that, they will get what they need.Continue reading “Foreclosure Prevention”