Expert: Dick Dennis - 9/4/2006

Question
what is the different between preforclosure and a plan out forclosure? I have listing, for homes in my area, due to the fact my boyfriends like to buy properties to fix up and rent. lately I have been hearing about prefforclosure homes, how does this work? and what are the pro's and con's when dealing with this type of investment? Are you still stuck with the home owns Mortgage? or when you pay the amount it is listed for is it yours? I do not want to waste my time or the home own, who is having a hard time already, by not being knowledgable before I approuch anyone. And as you stated once before some times this is a touchy subject to some people, due to the situation.

thanks,
Brenda

Answer
Foreclosures in each state is different. I recommend you go online in your state and ask how foreclosures are treated in your state. Then purchase, rent, borrow or steal a book that teaches about mortgages and foreclosures that are valid in your state. It is too extensive of a subject to answer here.

I wish you well.

Dick Dennis