There are five basic ways for you to construct a deal during the foreclosure process.
- A property can be controlled by acquiring an equitable interest. It’s not necessary to have the legal title to the property instead you can profit by selling your position in the contract.
- Buy a property by taking over the existing loans on the property. Earlier you involve, less the amount of cash you will spend.
- Once you pay of the existing loans, the threat and pressure on the property will be gone.
- Without stopping the foreclosure, acquire deed and ownership without paying off the loan. Make the seller understand the real risks and make him agree that the foreclosure can be avoided only when:
- You find a buyer who can cure the foreclosure prior to the sale
- You get the lender to work with you and give you some time to arrange financing
- Acquire "Deed in Lieu of Foreclosure." This is otherwise called the "back door" approach.
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