???How do you foreclose on a property????? - Posted by johnman

Real Estate Investing
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Posted by johnman on December 24, 1998 at 09:20:22:

Irwin,

I just want to know how it’s done but it looks like from the responses I’m getting I will need someone else to foreclose for me. I still would like to know how it’s done.

Thanks,
Johnman

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???How do you foreclose on a property??? - Posted by johnman

Posted by johnman on December 23, 1998 at 19:03:07:

Hi everyone,

Let’s say hold a mortgage and now you have to foreclose.
What is the process on foreclosing on a property? I see this mentioned quite a bit but I don’t understand it. Would someone please help me understand?

Thanks
Johnman

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Re: ???How do you foreclose on a property??? - Posted by Ben Caiola, Esq.

Posted by Ben Caiola, Esq. on December 27, 1998 at 17:45:31:

I am a tax foreclosure attorney in NJ so my remarks will be limited to my area, however the theory is the same. In its simplest terms, one is “foreclosing” the right of redemption of the property owner and of junior lien holders. Redemption means to pay off or cure the delinquencies. By procuring a title search
we identify interested parties in the property (mortgage holders, other lien holders etc.) Each party must be served with a complaint and joined as a defendant in the action. In essence they are given the right to pay off our lien or they will be forever debarred of that interest. I am not going to get into
minute details but if the lien is not paid, after much paperwork the lien holder then procures a final judgment of foreclosure, extinguishes all junior interests, pays off any senior interests and gains title to the property. That having been said, in case you were wondering,please do not try to foreclose yourself, not only will you muck it up terribly but
you will be practicing law without a license.Find a competent attorney through your local bar association.

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Re: ???How do you foreclose on a property??? - Posted by Bud Branstetter

Posted by Bud Branstetter on December 23, 1998 at 22:43:01:

John, If you want to do the foreclosure in Texas I can explain it. I can act as foreclosure trustee. Contact me direct.

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Re: ???How do you foreclose on a property??? - Posted by JohnK(CA)

Posted by JohnK(CA) on December 23, 1998 at 22:05:17:

I believe the safest way is to contact a Title Co. or Trustee service and just provide them with the information about the Trust Deed and note that you hold. They will act on your behalf to effect a legal foreclosure. Timing is critical and if not done correctly can cost you $$bucks. Does anyone here do their own foreclosures?

Good luck
JohnK(CA)

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Re: ???How do you foreclose on a property??? - Posted by Irwin

Posted by Irwin on December 23, 1998 at 21:10:23:

Are you asking what a foreclosure is? Or, how you do it? A foreclosure, in the simplest terms, is the liquidation of land that is held as security for payment of a debt. It is the legal process by which title to real estate (or money) is transferred from a borrower to a lender, in satisfaction of all or part of the borrower’s debt.
The hardest part of foreclosing, if you’re a lay person, is finding a good foreclosure lawyer. After you do that, there’s really nothing left for you to do, so you don’t need to khow much more about it than that.

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Re: ???How do you foreclose on a property??? - Posted by johnman

Posted by johnman on December 28, 1998 at 06:03:50:

Ben,

Thank you. I appreciate your input.

Johnman

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Re: ???How do you foreclose on a property??? - Posted by Johnman

Posted by Johnman on December 24, 1998 at 09:22:53:

Bud,

I will do that but just for grins and giggles and for the rest of the newbies would you mind explaining the role of a foreclosure trustee? I’m still interested in the process of foreclosing on a property.

Thanks,
Johnman

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Re: ???How do you foreclose on a property??? - Posted by johnman2000

Posted by johnman2000 on December 24, 1998 at 09:17:16:

JohnK,
Thanks for the input.

Johnman