Case Study VI

 "What NOT to do With a Foreclosure"

This lady called and said she wanted to get rid of her house.  She said Chapter 13 Bankruptcy was not an option for her.  Here is the win win deal we came up with.  I gave her 1,500.00 and made up the payments in arrears to stop the foreclosure sale.  She won.  She signed the title of the property over to me subject to the existing mortgage and learned a few lessons in what not to do.  I won.

When I went to the interview,  inspected the property and saw the holes in the walls and interior doors, I realized this lady was in a physically abusive relationship.  She said her house got into foreclosure when her live in boyfriend was put in jail and she spent her money on bail.  She didn’t realize the boyfriend was not keeping up the payments until it was too late.  They couldn’t come up with the money to make up the amount necessary to reinstate the mortgage.

These things clouded my vision, apparently, because when I did the repair analysis I didn’t include everything.  If I had included all the needed  repairs  in the repair estimate I probably would not have done the deal.  I also made other mistakes on this deal you should know about if you are going to be doing rehabs.  It is all discussed in the case study.  This one could save you big bucks.  You can learn it here for less than a measly seven  bucks or learn it on your own at who knows what cost.

Add To Shopping