Foreclosure Information Available Free To The Public
Losing a home can be one of the most traumatic experiences a family can endure, but it does happen and in some areas of the country it seems to happen more frequently than in others. Persons looking to take advantage of certain situations and find houses at reduced prices, foreclosure information on homes available in their area is available through newspaper advertising as well as through court filings.
In most states, before a lender can foreclose on a home, they must file a claim with the court, offering information and facts to support their claim that a borrower is in default of the loan agreement. One a judge reviews the foreclosure information during a judicial review and if they agree, will offer the defendant a specified time frame, usually 30 days, in which to make payment of the entire loan amount that the judge determines to be due. At the end of that time, the court can order the home to be sold at auction.
Once the court has order foreclosure of the mortgage, it still does not mean the homeowner is totally out of luck. The homeowner has up until the day of the auction to pay the mortgage, plus costs an maintain ownership of the property. In court cases, this foreclosure information is open and available to the public and persons looking for an opportunity to buy a home before it goes into foreclosure can review court records and then contact the owner before foreclosure is authorized by the court.
Check The Facts Before Making Offer
While the foreclosure information provided to the court is likely to be accurate, potential buyers should look at several issues that may affect the purchase of the property, especially if it is being purchased as an investment. If the home loan is relatively new and has not time to build up a lot of equity, the amount needed to purchase the home may be higher than the home's value, once associated costs are calculated into the price.
Using the foreclosure information in newspapers may help a potential investor get in touch with the owner and negotiating with them may be more beneficial than trying to deal with the lender. The lender knows that through auction as well as subsequent civil action they can recoup the cost of the loan and legal costs incurred trying to collect. It would be rare for a lender to accept a lower amount for a mortgage, but then again, there is no harm in trying.
