Case Study VIII

 "Drug Addiction Leads to Foreclosure"

When this lady called, the time before the trustees’ sale was short.  I suggested they file chapter 13 bankruptcy and buy some time, and get the courts' help in straightening out their problem.  She said they didn’t have money for an attorney so that was not an option. She definitely wanted to get rid of the house so I made the appointment.

I met with this man and his wife to see if there was a deal I would want to pursue.  The mans drug problem was not obvious at first, but he was very interested in the money and how quick he could get it.  I later realized that this guy with a wife and three kids was hooked on drugs to point he was losing the house.  They were separating and the wife and kids were going to live with her mother.

While this is not an everyday situation, I was able to help this lady.  If she hadn’t called me they would have lost everything.  I gave them money and let them stay in the property until the end of the month.  I made up the payments in arrears to stop the trustee’s sale and took title to the property subject to the existing mortgage.

When the remodeling was finished I sold it and made a tidy profit.  The details of the financial data are in the case study.

Want a steady stream of real estate deals to look at?  Buy this case study and get everything you need to make it happen.  In addition you will learn how to negotiate a win win deal that still allows you to make a profit.

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