Approaching Lender Attorneys
All,
Being new in this arena, am still trying to get accustomed to the laws and techniques.
Is it ok to approach the lenders attorneys who are conducting the foreclosures to see if there is an easier way to obtain the property? Or is it not legal to do so? If it is legal, what is the best way to approach the attorneys?
Thanks for the replies... :-?
Yes you can contact the lenders attorney. However they are limited on what they can tell you. They cannot tell you the contact info of the party in foreclosure. They can tell you if it has been settled which may save you some time chasing things that are now moot. Just be friendly and courteous and they will tell you whatever they can legally. It may vary from state to state. The main thing is to call and be courteous as they handal a lot of cases not just the one you are looking at. If you act like an jerk they will remember you.
I went to my county recorder's office today and asked them about notice of default, postings of sales, etc. The earliest they track anything is when the notice of sale is filed. The sale usually takes place 90 days after the notice. I was reading a few of the notice of sales and it states that funds are due on the day of the sale or PAYMENTS AND FEES MAY BE MADE NO LATER THAN 5 DAYS PRIOR TO AUCTION TO HAVE LOAN REINSTATED. Does this mean I can still at this point go to the seller and make a deal with them to for example pay their late payments, penalties, etc. and purchase their home, thus avoiding auction and foreclosure?
I was under the impression that by the time a property was listed for auction it was too late to deal just with the seller. Maybe my county is different because they don't file "notice of default" only "notice of sale." Can anyone help me understand this a little better?
When I say easier.. I mean to strike a deal with the owner and buy the property before it goes into the auction? :-?
Depending on what state you're in you may be able to strike a deal with the owner. In states that offer a redemption period you can cut a deal with the owner after the foreclosure sale. The owner usually has 6mo. to 1yr from the sheriff's sale to redeem the property.
It is sad to say but the closer to the deadline you get the better deal you can cut for yourself.