Bob Tenney, attorney at Cunningham Machanic in Natick, is on the frontline of the foreclosure process. Tenney and his firm review claims by lenders to review properties for foreclosure. If proper conditions are not met, they are also the folks who send out demand letters --the step that begins the foreclosure process for the homeowner. "We send the demand letter and give the homeowner time to reinstate their loans. If that doesn't happen we proceed with the foreclosure," says Tenney.

But Tenney doesn't really like to be the bad guy in these cases. In fact,he says the ultimate goal of the bank is to help homeowners out of their foreclosure nightmares. "Basically the bank wants the loan reinstated. We are not averse to a third party stepping into purchase the property, as long as the loan is made performing," adds Tenney.

For instance, when ForeclosuresMass notifies a subscriber of a foreclosed property that already has a bank filing against it, there are really no barriers to the investor if he is interested in the property. However, there are a few legalities you should be aware of.

"If someone is interested in purchasing a foreclosed property that the bank is presently dealing with, they must first contact the homeowner and get his or her assent to speak to the bank about working with them," says Tenney. This is the first step an investor needs to take before contacting the bank. "Banks will very often work with a third party in order to help the distressed homeowner."

Tenney sees ForeclosuresMass as a great resource for investors. The timely data ForeclosuresMass provides to investors enables them to review and collect the data on a property, communicate directly with the homeowner and offer them solutions. It is a win-win situation for all involved, since the investor is able to make some money, the bank's loan is paid off and the homeowner avoids foreclosure. Tenney says, "It is a lot less taxing on the homeowner when they can be helped to understand a bank's role in foreclosure doesn't always have to be negative. Most banks are willing to work with the homeowner in whatever scenario becomes the most appropriate. If a foreclosuresmass.com subscriber can help banks accomplish that, there could be an equitable solution for all. "

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