Foreclosure - Posted by Carol

Posted by Ronald * Starr(in OK) on June 05, 2002 at 13:32:46:


Foreclosure laws are different for each state. Since you don’t mention your state it is impossible to give you good advice about foreclosure buying.

However, this is a situation of a estate or probate. Check to see if somebody has started a probate of the estate. If so, contact the attorney or heir(s) to see if you can make some deal before the foreclosure sale.

If there is no probate started, try to track down co-owners or relatives. Ask neighbors, talk to people in the property, check courthouse and land property records office to find others who are connected with the decedent. If the decedent’s last name is not too common, try to contact everybody local with the same last name, phone books, court files, assessment roll for the county, etc.

If you can buy one of the junior liens at a discount, you might be able to reinstate the major lien and then do a foreclosure on your lien. Consult with an attorney before you start doing things like this though.

Good investingRon Starr***

Foreclosure - Posted by Carol

Posted by Carol on June 04, 2002 at 20:23:00:

How can one acquire a property in foreclosure when there is more than 2 or 3 lien holders? I’ve researched a home where the owner is deceased and the note owed is 77k. The FMV is 275k. The other lien holders are showing interests. Do I even have a chance? What steps should I take?