Foreclosure Process?? There Is A Lot To Know
I have spent the last 2 months reading, going to seminars, advertising in newspapers, and I have only had 2 calls and the sellers were not motivated. So now, I am turning my efforts to foreclosures, but there are so much information, it is overwhelming. I know there is the NOD, which leads to the NTS, then to REO. I have access to a list of all three in my area of California, but I don't know who I should contact first, the person in foreclosure or the bank? Please help make the foreclosure process clear .
You do have a long way to go, but first off, you don't contact the bank about someone in foreclosure until you contact the person in foreclosure.
The bank won't discuss their client with you until you fax them a letter signed by their client giving them permission to.
If you want to look into REOs the foreclosure process is over, the bank owns them now. Simply contact a realtor and tell him you are interested in lender owned or bank owned properties, banks list their REOs in the MLS.