When I’m dealing with distressed sellers I like to more than just a homebuyer or investor. I try and bring value to the deal that is of help to the seller beyond just buying their home. Many sellers, especially those in default on their mortgage or even those in foreclosure, are oftentimes confused and unsure of what exactly is happening. You will better be able to gain their trust if you are viewed as a source of information by the sellers.
Here are a few tips from a lawyer that you can communicate to distressed sellers as you are dealing with them.
Mortgage Problems? Follow These Tips
Home owners who have doubts about the procedures and ethics of their mortgage servicing companies should follow these suggestions from Tara Twomey, a lawyer for the National Consumer Law Center:
• Keep copies of all payment records and property insurance policies in case a dispute arises over how much you paid and when.
• Contact your mortgage servicer immediately if financial troubles make it hard to pay the mortgage. Approaching the servicer right away makes it more likely they’ll cooperate with you
• Read the loan documents carefully to make sure you’re not being billed for anything improper. If you discover an improper charge, write a letter to the mortgage servicer specifying exactly which charges you’re contesting. By law, the servicer is required to respond within 60 business days.
• Contact a lawyer who specializes in bankruptcy law before seeking bankruptcy-court protection.
Source: USA Today (06/26/08)
Posted by Carter Brown
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