Contractors turn to foreclosure business

Ken and Susan Hussni of Yorba Linda are recent graduates of Ward Hannigan's one-on-one foreclosure training, having paid nearly $10,000 for 36 hours of face time over three days.

With times slow for their contracting business, which specializes in backyard ponds and waterfalls, the Hussnis are turning to foreclosures as a potential source of income and, they say, to help homeowners in distress.

Although they haven't done any deals yet, they plan to approach owners of properties that have substantial equity before the home is lost in a trustee's auction. Their pitch: Sell to us before the auction and walk away with half your equity rather than lose it all in foreclosure. They call their venture Guardian Angel Solutions.

"We can help these people," said Susan Hussni, who is trained as a crisis intervention counselor. "They're going to lose everything in two weeks. We can stop that."

The Hussnis plan to use their contracting skills to add "eye candy" to homes to attract buyers, Susan Hussni said. After a sale, they'll split whatever equity remains with the previous owner, minus the cost of renovations, she said.

source: naplesnews.com