Foreclosure Questions For IL
If the auction date and time has already been published in the newspaper, is it too late to try and contact the owner of the home? Is the judgement amount the amount owed on the loan, the opening bid, or what the county thinks the appraisal value?
I am not really interested in attending the auction. Plus I would like to help the home owner out before it goes on their record.
On a different issue, I found out about a pre-foreclosure from a default notice in the paper. The amount owed on the mortgage was not published. I called the county recorded, but they told me that this figure could not be found at the courthouse. Is this correct? Everyone I seem to talk to at the courthouse just passes me on to someone else that does not help. I am not sure if I should
contact the seller without this information. What if they owe more than their house is worth? Is the bank still will to negociate?
Sorry I am really itching to get started with a piece of property, but I feel like I have so many questions.
Thanks for all of your help.
Jen
Quote:
On 2003-09-11 15:58, jstoiber wrote:
If the auction date and time has already been published in the newspaper, is it too late to try and contact the owner of the home? Is the judgement amount the amount owed on the loan, the opening bid, or what the county thinks the appraisal value?
I am not really interested in attending the auction. Plus I would like to help the home owner out before it goes on their record.
On a different issue, I found out about a pre-foreclosure from a default notice in the paper. The amount owed on the mortgage was not published. I called the county recorded, but they told me that this figure could not be found at the courthouse. Is this correct? Everyone I seem to talk to at the courthouse just passes me on to someone else that does not help. I am not sure if I should
contact the seller without this information. What if they owe more than their house is worth? Is the bank still will to negociate?
Sorry I am really itching to get started with a piece of property, but I feel like I have so many questions.
Thanks for all of your help.
Jen
Well I'll take a stab at this to help out another beginner IL investor. I think I know the answers but if I'm wrong, please you REI gods correct us.
Is it too late? Well I guess that depends on what the auction date is. You're first step is to contact the owner. Judgement amount should be the amount owed.
As for the pre-foreclosure, you will probably have to go to the courthouse yourself. You could also just go to the owner of the house directly and ask. The bank may or may not negotiate, but you need the homeowner to give you power of attorney which permits you to deal with the bank. You can't deal with the bank w/o the owner's approval. Ask the bank for a short sale package.
Good luck in Naperthrill.