Amount Owed Outstanding New Foreclosure
Hello!
I was wondering if anybody could offer any direction as to how I could research the amount owed on an outstanding mortgage that is in foreclosure but newly filed? I know that you can view the original mortgage at the courthouse, but is there anyway to determine what the delinquent outstanding amount is with late fees, etc.? Can the actual filing be viewed?
Thanks!
It is not easy to get an exact amount that is owed from public documents. The reason is that the amounts change rapidly with added penalties and interest. You would need the cooperation of the owner to help you contact the lender directly if it is an institutional lender.
I too ran into that issue when I purchased a house in pre-foreclosure. It is a pain!
I was hoping to just find the amount owed at time of filing. Can I do this by viewing the case file at the courthouse?
Thanks
As previously mentioned by other posters, the exact amount is not possible to get from public records, as it could change up until the day of the auction. But the amount should not vary enough to make a difference.
Have the owner sign a Authorization to Release form which allows you to be able to speak directly to the lender. They can then tell you how much is owed etc. This is the only real way to do this.[ Edited by schallerp on Date 06/29/2005 ]
In FL, judgements can attach to all real property. Call a title company. What is a sucker deed? Again, a title company will do a preliminary title search for either free or approximately $50 and tell you if you have good title.
Get a realtor to come out and tell you what you could sell the house for on the open market. You might be surprised to find that you could sell it, avoide the foreclosure, and make some money.
But .... if you quick claim, or you sell the house anything that transfers assests prior to filing a bankruptcy will be reviewed by the bankruptcy court.
Brenda
Two words........SHORT SALE!!!
You need an experienced realtor to do a short sale on your property. that will get you out from under it.
Wish you were in Michigan. I do them all the time.[ Edited by ForeclosureHelpNow on Date 06/29/2005 ]
YOu are in the same bidding process as everyone else (other than the first). IF the property sells for more than is needed for the 1st then some of the $$ will come your way. If you buy it cheap enough from the 1st then you "may" resell for enough to protect your profit.
I generally negotiate with 2nds and thirds for 15-25% of what is owed in my market...
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