. . . your office has demonstrated it's pretty much clueless about what's important to people in foreclosure.
I pulled the trigger on another foreclosure rescue last week, over-nighting $15,000 to Ohio to save a gal from losing her home.
A buddy of mine had knocked on her door to let her know what we could do to help her.
By then, she’d given up all hope of keeping her home and was doing all she could just to keep herself together.
Lost and alone
I’d heard it was difficult for her to even talk about the situation, her house being already foreclosed on in March.
She had no place to go.
And no money to get there.
Can you imagine?
Except that . . .
Today, her foreclosure nightmare is over.
It’s done, gone, poof, as if it never happened. Now, she doesn’t have to move or wonder how to pay for a place she won’t need to find.
She’s in her home and delighted to be there.
Her foreclosure back in March required confirmation from the court and somehow, it got hung up.
That confirmation process typically takes less than 30 days, but when we saw there was a delay, we jumped at the chance to rescue her, ala the Equalizer.
And we did.
Cash in hand
Her property had sold at foreclosure and she would have netted $60,000.00 had the sale been confirmed. The property is worth twice that amount, but that’s what the winning bid ended up being.
And she could have walked down to the courthouse and picked up a check if that’s what she wanted to do.
What she really wanted was stay in her home.
Here’s the math
We agree to partner up and today we co-own the property, 50/50.
I paid $15,000.00 to pull it out of foreclosure and now own an undivided one-half interest in a $120k house.
That means I bought a $60k equity for $15k.
My scheduled return?
Not the 10x I’m aiming for, so this puts me at more risk than I prefer, but still, good enough, especially since we’ve been able to rescue her.
What you refuse to recognize
Your office calls this a Foreclosure Rescue Scam because your office has demonstrated it’s pretty much clueless about what’s important to people in foreclosure.
And it’s not the money.
Your office seems to think she’d be much better off taking her $60,000.00 and starting over somewhere else.
And that I’ve scammed her by buying half a $120,000.00 house for a “nominal” $15,000.00.
You simply do not get it.
I have delivered an extraordinary service, Rob. In doing so, I’ve assumed risks you cannot imagine.
Until you’ve stepped up and written $15,000.00 checks to stop foreclosure AND allowed the seller to stay in the home, don’t tell me I’ve made too much.
It’s about value
Your office has taken square aim at me for this very sort of deal because you’ve decided I earn too great a profit, oblivious to the service I provide and unwilling to recognize the value of that service.
It’s really simple . . .
We stopped foreclosure and our gal isn’t forced out on to the street.
She can sleep tonight in her own bed and not worry about what tomorrow brings. There won’t be any U-hauls in her driveway and no sheriff will be posting an eviction notice in the morning.
I made that happen.
I wrote the check.