Posted by JoeB(Atlanta) on February 20, 2000 at 16:07:21:
Hi Kevin, to answer your questions: Yes, you can and should contact the homeowner directly prior to the auction.
No, you don’t have to contact the atty, but sometimes they’re the ones (and not the homeowner) who can give you the full ‘redemption amount’ (cost to cure, including all back pmts, penalties, and atty fees).
The best way to approach a PRE-foreclosure varies widely depending on who you ask (lots of folks on this site recommend Joe Kaiser’s course on buying foreclosures), but here’s my 2 cents: consider buying the house ‘subject-to’ the foreclosing mortgage. So, you would make up the back pmts, penalties, etc. (and these can be quite sizable, so make sure you get the correct number in writing from atty or lender) and then takeover the pmts on the loan, loan would stay in homeowners name, ownership would transfer into your name.
That was a crash course. Hope this helps,