Locating & Paying For Foreclosures
So, how does one locate a pre foreclosure. If you contact a bank inquiring, they will practically hang up on you when the word foreclosure is mentioned (NYC/LI area)
Also, once you bid on one, how do you finance it. Usually, you must pay all cash to get the title. In NYC, this is still an exorbitant amount of money.
The local newspaper in my state lists all notices of preforeclosures. However it can be time consuming looking through the paper for them. In my state, the local online newspaper has a link to a "public notices" web site. I then type foreclosure in the search box, then I get all foreclosures in my state that were posted in the past week.
Quote:
On 2003-10-10 15:40, DerrickAli wrote:
QBall:
Nice to meet you!
Try asking the clerks down at your local county courthouse if there is a particular paper which lists all the:
NODs (Notice of Defaults)
Mortgage Sales,
Sheriff's Sales and/or
Foreclosure sales for your County ???
Most often than not it is called something-county legal news or dail Law bulletin, etc.
Ask the Clerk in the recordation counter, (aka the recorder's ofc.) ---where would you go to place an AD or what is the preferred paper for your filing to go into???
If they play dumb...ask them for the name of an ATTY who does alot of these for Banks and/or mortgage note holders.
This should be a good start.
More and more counties around the U.S. are posting this pre-foreclosure info onto the WWW. So be sure to ask if this info can be viewed Online?
I hope this helps!
Derrick <IMG SRC="images/forum/smilies/icon_biggrin.gif">
I am located in Chicago and we too have a website for all the Chicago suburban newspaper and there is a search engine that we can search for all legal notices / foreclosure in our area.
The problem withthat is a lot of time I run into many people that are not actually in foreclosure but the government made a mistake on their taxes or the mortgage company did not apply their escrow funds to pay their taxes. I also get a lot of people in denial and not accepting the fact that they are in foreclosure. But do call them when it is close to their sheriff sale date, you might get a better chance buying their property.
If anyone out there has more tips on this, please let me know.
Thanks,
- Roland