I think you guys are missing the point. The question is pre foreclosure. I also wanted to make a point about the statement on Redemption. Not all states have a redemption period as a matter of fact only about 15-20 % do. If a home has been foreclosured on and it is in a state with a redemption period there are no workout options. The lona can not be reinstated nor can there be anytype of a workout. The foreclosing company must have their note taken out replaced with a new note or cash.
Back to Pre Foreclosures - yes you are right they do not belong to the bank but you can work a deal with a homeowner get a contract and possiblly buy the property for less than what is owed. Please post if you have foreclosure question or pre foreclosure.
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