Fri, Jul 03, 2009
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Found Foreclosure In Progress What Steps Do I Need To Take. |
eetaylor
11 Posts
Member Since: 09/06/2003
Phenix City, AL
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Posted: 18:39 on 12-27-2006
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
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donanddenise
242 Posts
Member Since: 07/18/2003
Snell, VA
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Posted: 20:51 on 12-27-2006
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.
_________________
Experience is a hard teacher because she gives the test first, the lesson afterwards."
Don and Denise
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eetaylor
11 Posts
Member Since: 09/06/2003
Phenix City, AL
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Posted: 21:28 on 12-28-2006
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
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swgprop
62 Posts
Member Since: 02/05/2006
Citrus Heights, CA
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Posted: 16:42 on 01-02-2007
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?
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eetaylor
11 Posts
Member Since: 09/06/2003
Phenix City, AL
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Posted: 13:28 on 01-06-2007
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
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