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Getting a letter from your mortgage company that says you’re house payment is way past due can be very stressfull. Ignoring it will only make it worse. If there are no more places to go for help, it’s time to call an investor. Choosing the right person to help you is important if you don’t want to be ripped off. You also want someone that will help you save your credit. This list can help you make the right choice and pick someone who is right for you.

Does your investor have experience?

Whether the investor that you choose has experience or not is not as important as how you feel about your choice. A new investor will spend a lot of time and energy working on your situation. They want to succeed because they want to get paid and push their career forward. Most new investors are working with a mentor of some kind, and will get the help they need to succeed. If you are facing an impending auction, experienced investors will have the resources and connections that will help them get the job done quickly. What is most important is that you have good rapport with the person that you are working with and that you trust that they will do the best they can for you.

Look at the investor’s marketing materials.

The impression that you get when you look at the investor’s marketing materials is important. Dotting i’s and crossing t’s is important because the investor will be dealing with a lot of your legal documents. Someone who is careful and competent in how they present themselves, will use the same type of care when they are presenting your case to the bank or prospective buyers.

Is the investor a local person?

But don’t let a slick website from a national franchise impress you either. It is better to work with someone who live relatively close by. The foreclosure business is hot, and you may be approached by someone who can live practically anywhere. Working with a local investor will help assure you that if something goes wrong through the foreclosure process, at least help will be near.

Can lawyers and other professionals you choose, look at the papers you will sign?

The investor you choose should be open and honest. They shouldn’t have a problem with letting your lawyer or another professional look at the papers that you are supposed to sign. Losing your house to foreclosure is a big deal and you want to make sure that you aren’t making another mistake. The investor should be able to answer all of your questions with answers that make sense to you.

Is the investor responding quickly to your concerns?

An investor may have many other clients, but you should feel that you are their only one. This is a stressfull and sensitive time for you. The last thing that you want to feel is that your concerns are not important. You should keep in mind however, that good work takes time. The investor may not have control over how soon he gets an answer back from the bank. You should however, have your calls returned promptly. If you feel like you are playing telephone tag, use email. Often times its a much faster and convenient way of communicating.

How difficult is it to get out of a signed contract?

If an investor is really pushy and demanding in getting the deed from you, back off. Though you need to help, no one should pressure you into signing something that you’re not sure about. The only situation where days count, is if an auction is coming up quickly. There is more pressure then because the investor is working against a deadline. If someone says you have to sign today, or I can’t help you, unless it’s an auction deadline, don’t be pressured into signing.

Don’t shop around for deals or investors.

If you find the right solution to your foreclosure situation, then stick with and use that investor. It’s not right to try and shop around for help, once you’ve committed to someone. The investor has put time and effort into helping you as best as they can. If you deal with people in a fair and just manner, then that is how you will be dealt with. Pass over a good deal and you may end up with no deal at all.

If common sense says its not a good deal for you, then it probably isn’t.

Common sense is important. If something doesn’t feel right, then its probably not. Some investors can be amazing sales people. If you feel that you are being sold a bill of goods, and that the solution is not good for you and the investor, its time to call someone else.

With the amount of foreclosures happening right now, there is plenty of honest business for the good foreclosure investor. If they are willing to spend the time to help you, if they are there to answer questions, and if you feel that what they are saying makes sense to you, use them. But you have to do something besides hoping that your problem will just disappear, because it won’t. You need someone to help you go through this difficult time in your life. A good investor will help push you forward, minimize your credit damage and possibly save your house.

Tags: Investing