Re: pre-forclosure - Posted by JFinke KC
Posted by JFinke KC on July 12, 2002 at 10:55:49:
When a lender forcloses on a property they are required to give public notice. These notices are published in a newspaper local to the county the property resides in. Look in the Public Notices section (many time located in the classifieds) for announcements titled “Notice of Trustees Sale” or something similar, could vary depending on your area. These notices will detail the auction date, legal description of the property and other information.
Some major metro areas have specialized legal newpapers that publish these notices. These publications many times are available through subscription only and are very expensive (compared to standard newpapers). For example, here in Kansas City, the main newspaper, KC Star, does not list Trustee Sale notices (at least I’ve never found one). The notices for the main county in the area are published in a legal paper. But for the county I live in, they are published in the local county paper.
The amount of time between the publication of the notice and the actual auction date will depend on your local laws. Each state is different. Once a notice is published, you can fire off a letter to the current owner and try to snag the property before it goes to sale.