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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 15 Jul 2005 06:34:13 -0700 /

Author of the message: "Manga27"

Title of the message:
Re: Approaching a Pre-Foreclosure Owner - Tips??

Text of the message:
>  Cristoper, as far as saving their credit goes.  That's a

>  bunch of bunk.  You're believing you own hype. Once
>  someone's not paying their mortgage you know it has
>  to be the tip of the iceburg.

I just helped a gentleman who was about to be bankrupt.  He had no
equity in any properties he owned.  He only wanted peace of mind,
nothing more.
I shorted 5 of them and sub2 the other three.  On the sub2's, there was
a big enough spread for me to make up his back payments and pay off his
liens when I found lease-option tenants.
He is no longer filing for bankruptcy.
My point is simple.  A couple of 90-day lates made his credit bad.
Eight houses, foreclosed, would make it terrible.  A bankruptcy would
have made it horrendous.
He didn't come soon enough to keep it from bad, but that's where I
stopped it.  I saved him from bankruptcy in a situation where he



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