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What actions can be taken on a home in a Preforclosure State

  • September 27 2013 - Town of Clinton
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Answers (6)

Are you trying to prevent foreclosure of your own property? Have you already tried to get a mortgage modification? Maybe you could do a short sale of the property? In a short sale you would be selling the property and would need to find alternative housing when it sells but you would not have a "foreclosure" on your record. The bank may allow this and agree to take market value instead of what is owed in order to not have to go through the whole foreclosure process. I would talk to the bank, an attorney, and also a realtor. Every case is different and it is hard to say what to do not knowing what your exact circumstances are.
  • October 23 2013
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Profile picture for blue screen exile
Zillow provides info on 2 kinds of "pre-foreclosures" from the public records data:
1) 90 day late notice (3 months behind on mortgage payments)..
2) Auction date set.

Most 90 day late notices get resolved way before any potential auction, so the chances of buying those are slim.  Obviously, one could send a formal written proposal to the address of record addressed to the owner.  But it may just be thrown in the trash.  And if they are behind because they paid more than it is worth?  You are probably not willing to pay what they owe, so you would not be buying from them.

For the auction dates set, you can plan to attend the auction, and can do research on the condition and outstanding liens... and figure out the maximum you would pay, and get your cash together for the auction.

Or you can wait until the financial institution buys it back at the auction, and until they put it back on the market as an REO.
  • September 27 2013
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It is not recommended that you knock on someone's door and ask to buy their home.

It might be more advisable to have an attorney make the overture for you.

If the home is in any kind of financial distress the only way you can affect a purchase is if the entire balance currently due the bank is satisfied including back taxes and liens.
  • September 27 2013
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Thanks you.  Good advice from both.  I was considering buying a house listed in preforclosure.  I may contact the owner directly, carefully of course.  Thanks again
  • September 27 2013
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Profile picture for Outer Banks N C
What exactly is a pre foreclosure? Since foreclosure is a process a pre process would mean before the process, so that could apply to every home owner. You are in or you are not in the process of foreclosure, so pre foreclosure is like saying you are pre pregnant. You either are or aren't.
  • September 27 2013
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What do you mean by "actions"?  Are you looking to save your home, or to buy someone elses?

If the latter, not much.  Of course you can always offer to buy the home if it goes on the market (or, I guess, even if it doesn't) but the owners don't have to sell.  Homes can be in pre-foreclosure status for years if the owners are trying to save it rather than getting rid of it.  The bank won't have control until after the foreclosure is complete.

--
- This is not legal advice and is not intended to create an attorney-client relationship.  The post is only an opinion.  You should speak to an attorney for further information.  The poster is licensed only in CT & NY.    If this post is useful to you, please remember to upvote it.
  • September 27 2013
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