Posted by JT - IN on July 14, 2001 at 09:17:40:
As Yogi Berra once said, “It’s never over, until it’s over”. He must have known something of foreclosures when he made that statement.
Cindy, working foreclosures are different in every state, howevr, most, if not all will allow you to buy the home out of 4closure right up until the sale. The mtg co is not really interested in foreclosing, but they are wanting to get paid, per their mtg agreement, so if you, as an investor, can facilitate that goal, they will usually be receptive. However, this many times will need to worked through their attorney, who is handling the FC, for the mtg co.
In some state, such as Ohio, which is where I work most FC sales, they have a process called “Judicial Confirmation”, which takes place after the sale, usually in 3 to 5 seeks. In Ohio, (and other similar states) an owner can redeem, which means pay-off their mtg up until it is confirmed, so even after the sale, you could work out a deal with the owner, to assume their rights, and pruchase the property, if done correctly and expeditiously. So, as Yogi said, it is never over until the Judge says it’s over; or something like that!
JT - IN