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How do you find a Bank Owned or Foreclosure property?
As with Distressed and Short Sale properties, only agents have access to the data providing foreclosure information.
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NetWorks Real Estate
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- A forclosure is the legal right of a lender to repossess a property pledged as collateral for a loan.
What is a Judicial Foreclosure?
- The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclosure, is used when no power of sale is present in the mortgage or deed of trust.
- Provides for redemption rights of borrowers and other lien holders commence upon confirmation of sale, run for one year, unless shortened to 8 months, in some cases.
What is a Non-Judicial Forclosure?
- The non-judicial process of foreclosure is used when a power of sale clause exits in a mortgage deed of trust. A "power of sale" clause is the clause in a deed of trust in which the borrower pre-authorizes the sale of the property to pay off the balance on a loan in the event of their default.
How can a Foreclosure sale be stopped from going to auction?
- Refinance
- Must have equity
- Reinstate
- Pay off arrears or entire Note
- Sell
- Must have solid buyers
- Bankruptcy
- Must have permission of the court
- Long term- Income Property
- Short term- Flip
- Personal residence
Definition: Lien
- A legal claim against an asset which is used to secure a loan and which must be paid when the property is sold.
What are the general rules?
- First in time, first in line
How do they affect my decision to sell or purchase?
- IRS liens.
- County taxes.
- Public water and sewer.
- HOA Liens.
Patricia Casteels |
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