Foreclosure 101

Comments(6)

• 
  DerrickAli20th December, 2004

  FRANK:
  
  Nice to meet you...
  
  you asked what is:
  
  FORECLOSURE:
  The legal process whereby a mortgage Lender has chosen to accelerate (call immediately due) the loan note recorded against a property's title(and held as security by them); for settlement of the delinquent loan amount owed.
  
  Each State has their own legal process for the carrying out of the FORECLOSURE SALE (or TRUSTEE'S SALE). Either handled as JUDICIAL or Non-JUDICIAL.
  
  
  Pre-FORECLOSURE:
  
  This is the PRELIMINARY STAGES, usually 21 to 90 DAYS (and in some States longer 6Mo. -12 Mo.)whereby the mortgage lender must Publicly File a NOTICE of DEFAULT either by Publication, Posting, Personal Delivery and/or Certified-Mail to the pre-foreclosure owners.
  
  And
  
  REO:
  
  This is AFTER the Sheriff's Auction or Trustee's Sale whereby the Lender or the Successful Auction -Bidder (is an Insurance Company) has taken TITLE and POSSESSION of the Property. this property will we analyzed and assessed for marketability (Listed with a RE Broker) by the lender/insurance Co.
  
  Hope this Helps!
  
  Derrick Ali :-D

• 
  JohnMichael20th December, 2004

  Take a look at the following article:
  
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=787
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=779
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=771
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=747
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=725
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=723
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=720
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=717
  [addsig]

• 
  frank_pat20th December, 2004

  thanks so much to the both of you gentlemen on your info... really appreciated and will be thoroughly examined.
  
  have a great one...
  
  Frank

• 
  frank_pat21st December, 2004

  just thinking about step 2?
  
  i have my foreclosure list and i plan take a look at my selected properties. can you share some specifics to look for on the property and the legal side of things (my due diligence)?
  
  thanks a lot

• 
  JohnMichael21st December, 2004

  Have my foreclosure list and I plan take a look at my selected properties. Can you share some specifics to look for on the property and the legal side of things (my due diligence)?
  
  
  Know what mortgage position the foreclosing part is in.
  Any liens that will carry over to you if you win top bid
  Estimating equity position based upon research information
  Dealing with parties on title
  
  
  Divorce and bankruptcy can complicate your ability to negotiate as well.
  [addsig]

• 
  frank_pat21st December, 2004

  thanks John
  
  im on it