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Banks are willing to work with investors to find equitable solution
By Robert Tenney, Esq.
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.
Of course Tenney doesn't 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. If an independent
investor turns out to be the solution to the homeowners'
problem, that's wonderful. "Basically the bank wants the loan
reinstated. We are not averse to a third party stepping in to
purchase the property, as long as the loan is made performing," adds
Tenney.
So, when ForeclosuresMass notifies its subscribers of a foreclosed
property that already has a bank filing against it, there are
really no barriers to the investors if they are interested in the
property. However, there are a few legalities everyone 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."
* Next 37 17 investors only!
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 winds up 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
subscriber can help banks accomplish that, there is an equitable
solution for all. "
Robert F. Tenney, Esq. is a partner with the Law Firm of Cunningham,
Machanic, Cetlin, Johnson & Harney, LLP in Natick, MA
(www.cmlaw.net). He can be reached at (508) 651-7524 or
rtenney@cmlaw.net.
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