look up foreclosures by address

I am interested in a Property that is or has been in the foreclosure process…?

I am interested in a Property that I came across doing maintenance for the bank, I tried looking up the address on the web and It is not an active listing & I know it has not sold, I was told by someone working for the bank that I have to speak to the current owner… who I have found out is in jail and the home was or is in foreclosure and has not been made public just yet, how can I get first dibs on this property? Is there someone else I can contact to find out more info?

The property apparently is in the pre-foreclosure stage. The bank might have started the foreclosure, however the procedure has not played out legally.

The other scenario is that the bank has not yet started the foreclosure even though the current owner is behind several months in their monthly mortgage payment. This might be the case since you indicated there is no public information about a foreclosure.

Since this might be the case the only person authorized to take any type on the property is the current owner listed on the title deed.

You might contact this individual to see if he/she is willing to sell any equity in the property to you. If they are you might be required to give them a few dollars for them to sign the title deed over to you for this equity.

Since the property is in pre-foreclosure you would have to have enough money to bring this current mortgage note current.

Have this current owner sign a contract indicting they are selling the property to you “Subject to the Existing Mortgage”. Place the sale price as the balance of the current mortgage balance. Take this signed contract to a licensed escrow closing agent in your state, you would also want to have a licensed title company open title transfer at the same time.

The phrase taking or selling the property to you “Subject to the Existing Mortgage” is a technique investors use to take over the current mortgage loan without getting new financing or qualifying for the existing mortgage.

With the signed contract the escrow closing agent will contact the current mortgage company for the amount necessary to bring the mortgage loan current as well as the balance of the mortgage loan.

Since it is apparent that you are not a real estate investor you might would want to buy a book on the foreclosure procedures in your state to learn this technique as there are several things that you would need to know about the purchase of a pre-foreclosure from an owner.

Most real estate agents would not be helpful in this situation as there is normally a commission in this type transaction and would add to the cost of you purchasing the property.

I hope this has been of some benefit to you,good luck.

“FIGHT ON”

look up foreclosures by address

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