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Does pre-forclosure property involve the mortgage?

  • May 29 2013 - Bayside
  • 0Yes

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Answers (4)

A pre foreclosure (which isn't a foreclosure)  and be any number of liens on a property including but not limited to a mortgage, 2ed mortgage, unpaid RE taxes, even a contractor lien.   
  • May 30 2013
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Profile picture for superiorservices
I agree with Joseph. Besides mortgage, there may be other various debts involving the property. You should do a thorough lien search to determine all outstanding debts. And make sure you do a continuation right before closing in case any other liens pop up at the last minute. Good luck!
  • May 30 2013
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Profile picture for craigfial
Not sure I understand the question.  Anyone with a lien on the property can file to foreclose.  The mortgage is the instrument used to foreclose on the note.   A HOA can foreclose on a property for failure to pay association dues but does not have a mortgage or note. 
  • May 29 2013
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Yes, that is precisely what a pre-foreclosure means. The owner/seller is behind on their mortgage and the creditor is threatening to foreclose. The foreclosure has not occurred yet.

During this period the seller still has an chance to redeem the back payments or negotiate a work out with the creditor. Workouts usually take on the form of a short sale or loan modification.
  • May 29 2013
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