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It should not matter if the owner is in default. There are lots of ways out of foreclosure. Foreclosure is a process that is not complete even after the auction has been completed. Google maintains a map of foreclosure filings, aka The filing of the "Notice of Election and Demand", however, it should be noted that the bank does not have extra power to "foreclose" until after a judge has ruled on the rule 120 hearing. Thus, knowing that the NED has been filed, is not as telling as one may believe after reading the blogs.
The best way to determine if a property is in default is to determine if a "Notice of Default" has been filed. This is known as a "Lis Pendens", meaning "Pending Litigation". This information is available in town hall or the local court house depending on what state the property is located in. Any professional real estate that knows how to do a "Title Rundown" or "Title Search" should be able to do this for you. Good Luck! Keith Evans
Your Realtor can find out for you. If the home is listed in the MLS, then the listing agent is required to note"legal status". The legal status should be noted once the notice has been filed by the bank with the county. There have been new foreclosure prevention laws that one by one have been extending the actual Foreclosure date, including a new one that will be extending the Foreclosure date again to a total of 180 days. Banks are now required to offer loan modification under federal guidelines and send out "letters" in a specified time frame. The banks were having a hard time complying with the short notice coupled with the onslot of defaults, so the recent law gave them an additional 30 days - resulting in the 180 days. Plus, believe it or not, some of the banks are so overwhelmed, that they are behind on filing the notice! I recently sold a home as a shortsale, the seller hadn't paid the mortgage for about 6 months and the notice of default had not been filed.As result of the "Foreclosure Prevention" laws, we are expecting a brief decline in REO's on the market for a few months, then they will hit the market again.Bottom line....if you like the house and it is what you want, make an offer consistent with the the status of the home and location......equity sale, short-sale or REO. Your Realtor can pull the comps in the area and let you know "how" they are selling.
RealtyTrac is often incorrect.
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