Neighbors house in foreclosure...where do I start? - Posted by MsScarlett

Posted by Clint on January 18, 2005 at 07:10:19:

Ms. Scarlett,

Get a local investor to guide you through this one, split the profits!

Neighbors house in foreclosure…where do I start? - Posted by MsScarlett

Posted by MsScarlett on January 18, 2005 at 06:16:41:

My neighbors of many years divorced last fall and I’ve now found out that their house is in foreclosure. The reason they split was for financial reasons. The amount owed is $75K and the houses in my neighborhood sell from anywhere from 90K-120K. I know this house was in very good shape last year, however I have not been in it since late last spring. How would I go about finding out if there are any liens on the house or home equity loans? I know who the lender is, should I call the lender directly? I am sure this is a great opportunity, but I don’t want to get mixed up with other loans against the house that I’m unaware of.
(the husband took out lots of loans from what I understand)

any helpful hints?
thanks
Ms Scarlett

Re: Neighbors house in foreclosure… - Posted by Tom-FL

Posted by Tom-FL on January 18, 2005 at 20:19:36:

Find out if they’re interested in selling to you. Decide what you want to pay and get a contract signed. Then just do a title search (you need one anyway). No point in spending the $$$ if they wouldn’t have accepted your offer.

Re: Neighbors house in foreclosure… - Posted by JT-IN

Posted by JT-IN on January 18, 2005 at 15:05:28:

Ms Scarlett:

There are several things that you can do to acquire the info you are looking for… what you do with that info once you obtain it, may be a more difficult task…

You can go to your local county courthouse, armed with the address of the property, as well as the property owners full names. When you arrive at the courthouse you can begin in the Recorder’s Office… although the name of this office will vary from state to state and county to county… so you may need to ask for assistance at any one of a number of offices… The Auditor… could guide you through, or any of a few other offices… Simply ask questions, and someone there should grab you by the hand and lead you to the info that you are seeking… Keep in mind that these are public records and you as a taxpayer have the right to view these records…

Or… you could contact a title company and request this info… This may cost you some money… os it depends upon how badly you want to know the answer…

One of the two approaches above should lead you to the answer you seek… Based upon that answer you can then decide what to do next… if anything.

JT-IN (aka Col. Mustard)

Re: Neighbors house in foreclosure… - Posted by IB (NJ)

Posted by IB (NJ) on January 18, 2005 at 09:01:44:

Read all you can in the archives on ‘preforeclosures’. You need to first get a letter of authorization from your neighbors in order to legally obtain information on the mortgage. There’s a lot you need to learn and you have to start by reading up on this issue first.