re: how to pick up a foreclosure

A good friend of mine found out through the course of his Dad & Stepmother's divorce that his childhood home was actually entering into Foreclosure.

He called up the mortgage company, had his Dad authorize him to speak with them, & they told him if he brought the account up to date, everything would be fine.

So he had me write out a contract that he had his Dad & his stepmother sign in front of an RE attorney that stated if he put the money into the account to catch the note up and keep them both from going into foreclosure that he would assume all interest in the property.

His Dad just wanted out, and his stepmother wasn't smart enough to realize living in that house was a great deal compared to what she got. They both signed off. He paid the money.

Got some Home Depot windows installed throughout, repainted the interior, installed some Home Depot toilets, & sold it for a very pretty penny.

Gave his Dad some cash & pocketed the rest.

Wasn't all that complicated but he had a very agreeable owner in that situation. I'm almost 100% positive that some dumbass 20-something year old kid who studied a few foreclosure agreements & had closed a few mortgages in his life couldn't skate through 99 out of 100 of those deals with so little friction.

But that's my experience, anyway.