Found Foreclosure In Progress What Steps Do I Need To Take.
While getting renters for property a applicant told me he is in process of being foreclosed by the bank. Bought in 1999 for $77.9k and other houses in the area are selling for $105k. Just want to know what process to take to present to the bank/owner. Any help would be greatly appreciated.
Thanks in Advance
Chris
how far has the foreclosure gone, have they set a sale date yet?, what are the arrears, what does the owner want, do you know the foreclosing attorney,?. ...
many questions to answer.
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hat is just it, All I know is the owner mentioned going into foreclosure. Do I address the owner or ask for teh bank information from him? Any way I can assume the loan and pay the arrears? Profit of about $30k in house for quick sale.
I just need to know where to begin, exactly what questions to ask the owner.
Thanks in Advance
Address the situation with the owner, he should have info on the mortgage, amounts owing, etc. He also should jump at the chance to salvage his credit by selling to you. I suspect that there is more to this story though - why is he walking away from a 25% equity position?
After speaking with him he said they have already foreclosed on the property. He just went to court looking for more time to find a new place to live. He told me he went through a chapter 13 bankrupcy and the bank asked for the info and he got it to them but it was too late? Not really sure what that means it told me his mortgage company and I looked them up online and heard several bad things about them. I just think he thought it was ok but then he did not know what to do. Now that foreclosure has gone through I wonder what the bank will do with the property. Will they sale it back to me?
Thanks
that would depend what can they bring to your table, I doubt they would increase your business, but you may certainly increase theirs.
just my 2cents worth
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