Foreclosures - Posted by Thomas

Posted by JT - IN (St. John, USVI) on July 19, 2001 at 13:23:04:


The ad that you saw could have signified many different things, as the foreclosure process is a long one, usually 4 to 8 months, depending upon the state of origin. You could have seen an ad indicating the Plaintiff, (Bank), giving notice to Defendent, (Property Owner), and asking for a formal answer to the charges of being delinquint on the mtg.

Or, the process oculd have been further along, asking for a judgement against the Def. Or, the actual sale sould have been being advertised, giving such legal notice.

Usually up until the actual sale, and in some cases after the sale, depending upon the State of the foreclosure , can you, as an investor, or the property owner cure the situation, by paying the mtg current.

Yes, you cna contact the owner and attempt to work something out. You may want to consider getting Joe Kaisers, “Dominate your Foreclosure Market”, sold on this site, as it is a good investment, and will provide some direction to your questions in pursueing FC sales.

Good Luck…

JT - IN (from St. John, USVI)

Foreclosures - Posted by Thomas

Posted by Thomas on July 19, 2001 at 13:01:34:

Well… Im looking in the daily news and there is the notices for housing being sold due to foreclosure.

Question is just what do I do with this information?

Call the previous owner and dig info or is it at a stage now where I have to go to the steps to purchase it?

Hwo do you find people in trouble but not yet being foreclosed on or those that are still rescueable?

Thanks a gig…


Re: Foreclosures - Posted by Ronald * Starrr

Posted by Ronald * Starrr on July 24, 2001 at 09:25:31:


The information you give is awfully skimpy. JT-IN tried to answer, but it is impossible to give you a detailed, informed answer when you don’t tell what the notice said and the state in which you are. Every state has different foreclosure laws and procedures. If you are interested in the fc buying process, or pre-foreclosure buying, I suggest you read the law relating to foreclosures in your state.

If you are a beginning real estate investor, I suggest you put aside your interest in foreclosures and learn about and do other, simpler real estate investing for a few years. Then, after, say three or four years, if you are still interested, you can pursue foreclosures.

I feel that foreclosures are not for beginners. I know, foreclosures can offer very high returns. But to earn that return, you have to know what you are doing. There are too many risks. Foreclosure investing requires a lot of knowledge of real estate to do correctly. Buying foreclosures require informed judgment. You have to learn first a lot about real estate. Why not do that with safer investments?

The drop-out rate of hopeful foreclosure investors is extremely high. They come to realize that it is not easy. Save your time now, drop it until you are ready to do it profitably.

Good Investing********************Ron Starr*************