Re: Buying a foreclosed home before the auction?

Posted by steele in minnesota on September 19, 2007 at 15:00:32:

In Reply to: Buying a foreclosed home before the auction? posted by Christina on September 19, 2007 at 13:44:37:

OK, lots of questions here so will take a shot at a few. First, until the sheriff sale/auction the property is still the owners. Not the bank's. Even after the sale there may be a redemption period to take into account.

Assume the mortgage? Well, that gets tricky as most mortgages are non-assumable. There is an investing method called "subject to" where you take over the mortgage from the original borrower but that tends to be for more experienced buyers. Or buyers who have access to someone experienced in this process. At a minimum you would have to "catch the loan up". And remember that if there are other liens on the property they are still there if the foreclosure is stopped.

Until the bank truly owns the property you will be dealing with the owner. The bank may have a say in things but the owner is your first stop.

Oh, you can get the owners permission to have the lender give you the pertinent mortgage info. Must be in writing.

Sorry for ramblin'. Been a long day.

Where are you located? That might give us some help in helping you.

Steele V. Propp
Foreclosure Specialist/Loss Mitigator
Bank Owned Property Division
Schatz Group Real Estate
Minneapolis, Mn
steelep@aol.com
http://www.MinnesotaForeclosureNetwork.com

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