Profile picture for Martzblueys

Is it advisable to contact the attorney that is representing the mortgage company

Prior to the foreclosure auction
  • November 04 2013 - Inverness
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Answers (4)

Profile picture for Martzblueys

The reason for contacting the attorney is to find out where in the process is the house at???

  • November 06 2013
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If the home has not been foreclosed upon yet - the bank will bid the property in at the auction for everything they are owed.  Until the auction takes place the bank does not own the property.  The owner of record owns the property. The bank cannot agree to sell it or make a deal.

While the starting bid may appear low - if the balance due is 100K you will have to bid over 100K to get the property "as is" with no guarantees or warranties.

Banks/Trustees do not deal directly with consumers.  You are at such a disadvantage trying to do this.  You are taking a huge risk.  When you buy a home at auction you are also buying all other debts that are attached to that house, unless the auction is advertised as free and clear.

To complete the foreclosure process the property will be sold at auction, assigned to an asset manager, and then listed with a real estate agent.  The bank wants to get the most money possible.  The way to do this is not work with one buyer but to expose the property to all possible buyers who might be interested.

Wait until the property is marketed with a Realtor and make an offer.
  • November 06 2013
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Profile picture for Giuseppee
I have been dealing with the Trustee/attorney on a property that is currently in foreclosure.  They are the most difficult people to deal with.  If they represent a large bank like wells fargo, chances are nothing will happen.  My wife and I recently went to an auction to try and bid on a property.  The Trustees website said that a $20K deposit was required to bid.  I even called the trustees office and they confirmed over the phone that a $20K deposit was required. I even printed the sales schedule from their website that showed $20K.  When my wife and I went to the auction, the required deposit was $30K and our bid was disallowed.  I was even willing to secure another $10K but the trustee at the auction said it was too late.  I now have attorneys trying to work with the trustee who represents Wells Fargo.  Working with them is worthless as they don't really care about you or the property.  At the end of the day, the trustee is doing a disservice to their client because we are willing to buy the house from wells fargo but they are not letting their client know about us. 
  • November 04 2013
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Profile picture for wetdawgs
What would your goal be in the communication?  
  • November 04 2013
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