How do I find properties that are about to be taken away by repossession from the Mortgage Company before it happens? Is there a legal process that must be taken before that happens? Can I contact the homeowner prior to the repossession?
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Would you want someone phoning you before your house is repossessed wanting to buy it?
ask the mortgage company or house agents.
Re-possessed houses are normally shown under the classified section in the local paper inviting offers, but you can approach the owner, don’t think there is a law against it.
The woman across the road from me sold hers privately before she had it repossessed. As long as the owner pays the amount owed when it is sold that is.
I don’t think there is any sort of national register…they usually go to auction. There is a legal process between the Mortgage company and the lender, and I suppose the owners could sell before the house is repossesed.
Depends upon you state of residency. Most foreclosure procedures take some time, (up to 2 years in NY, as little as 30 days in Al). Foreclosure sales are publicly posted. You may contact the owner. Beware however. Houses in foreclosure generally have multiple liens. You will need to know all the liens, (including IRS liens) before purchase or bidding. Otherwise, you could lose your investment. Foreclosure buying is NOT a get rich quick scheme, and there are a ton of things to watch out for.
Normally its not a wise thing to seek out repossession homes. Think about it, the person that was living in the home couldn’t afford to make payments. That means they certainly couldn’t afford to do the basic up keep on the home. And guess what, prior to the bank/mortage company starting the foreclosure process they had months of letters… that means the person had lots of time to take our their frustration on the home and trash it.
Repo homes and cars are in general things to avoid. The only upside you’ll see is when you can do alot of the home repair yourself. Then you can sometimes buy one that has been really trashed dirt cheap…