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.
JT - IN (from St. John, USVI)