Foreclosed Amount? - Posted by Tim W.

Posted by NJDave on May 19, 2000 at 16:44:04:

Here in NJ with a booming market and fierce competition for foreclosed, but not yet REO property, it would be unusual for a lender to complete the foreclosure via Sheriff’s Sale with any equity intact.

Foreclosed Amount? - Posted by Tim W.

Posted by Tim W. on May 19, 2000 at 09:49:33:

How can you find out what amount was due on a mortgage that was foreclosed on? Will it benefit me to know this and if so, do you submit a bid below, at or over this amount for a REO?

Thanks in advance.

Re: Foreclosed Amount? - Posted by Tim W.

Posted by Tim W. on May 20, 2000 at 24:22:45:

Thanks for all the replies to my question; I appreciated them all.

BTW, I did agree with NJDave, but Joe pin-pointed the focal point I was looking for. If knowing that the bank aquired a windfall of equity in the transaction, I wouldn’t want to leave anything on the table for them while getting the property off their hands.

PS: Joe: I just ordered your program two or three days ago and I’m looking forward to learning all I can about this area of REI.


Re: Foreclosed Amount? - Posted by phil fernandez

Posted by phil fernandez on May 19, 2000 at 11:01:00:

The amount of the mortgage being foreclosed on can be found at the courthouse. Ask the clerk for the specific file. In it will be all kinds of information. The original mortgage and note, the summons, the balance owed. The amount of back payments, interest and back taxes being paid along with costs associated with the foreclosure. You will also see info on which attorney is representing each side, their addresses and fees. The redemption date will also be in the file.

What you offer for the property will be on a case by case basis. I
I’ve done short sales with banks before. Other times I have had banks waive all of the back interest and payments letting me buy the property just for the balance on the mortgage. And some times the bank tells me to take a hike.

If you are going to get into the foreclosure game, I would strongly recommend Joe Kaiser’s Totally Dominate Your Foreclosure Marketplace. It can be ordered from this site.

Re: Foreclosed Amount? - Posted by NJDave

Posted by NJDave on May 19, 2000 at 10:05:17:

Your offer should be based upon the subject’s as-is, fair market value irrespective of how much was owed to the lienholder(s).

Re: Foreclosed Amount? - Posted by JoeKaiser

Posted by JoeKaiser on May 19, 2000 at 16:02:04:

True, but only if the property is worth less than what was owed.

If the lender is into the property for less than market, I’m only offering what they were due.