Locating homes in preforclosure
What are some of the methods for locating homes that are in preforclosure. Also what constitutes preforclosure such as: how many months do they usually need to be behind to have the lender start forclosure proceedings?? Hope all this makes since. Any and all replies appreciated.
Hi Terilyn
You can passively find foreclosure listings in the legal notices of the news paper. Or if you are more agressive, you can go to your county court house and pull the files on the most recent Notice of Defaults (Lis Pendis or Foreclosures). You will find the details that you need to evaluate each property in the foreclosure file.
Foreclosure proceedings can start as early as being behind in payment for three months (perhaps sooner depending on special curcumstances).
Hope this Helps and Best of Success!
BAMZ
Bamz
thanks for your reply, have another question. When going to court house what department usually has these Notice of Default files and do I just asked to see them? On tax certificate sales and or auctions any pros and cons to buying property this way? thanks in advance
[addsig]
Also Bamz, do you know if the county court house files on the most recent Notice of Defaults (Lis Pendis or Foreclosures) are available somewhere online? might save a trip !!
You have to ask your county if the public records are accessible online. My county has online access to foreclosure documents, but another county may not. You never know until you ask!
Tanya
Hi All,
Regarding finding pre-foreclosures...I typically go online to my county recorder's website, look up "recorded documents" under TR/Sale. I've seen people recommending looking under LIS Pendis...what is the difference. I contacted one guy who didn't even know his house was listed to be sold at an auction. He was trying to refinance his loan and was late on a second mortgage, but up to speed on his first mortgage. I didn't really know how to handle the call. He asked how they could auction his house if he was current on one mortgage and not the other...didn't have an answer for him. He said the note listed at the recorder's office might have been misleading and that it would not be a good investment for me, since he had two mortgages out that were seemingly more than the value of his home. Anyone feedback on my comments would be appreciated.
also would be interested on any tips for getting in touch with investors looking for beginner investors willing to do some Bird Dogging(as I seen it described)
Hi Terilyn,
In my area, the information is not available online. The preliminary information is located at the recorders office, however the file folders with the info that you will want to look through should be available at the Circuit Clerks Office.
Best of Success!
BAMZ