Foreclosing a Deliquient 1st Mortgage in Ohio - Posted by Mike

import · March 10, 2006, 4:09pm

Posted by lukeNC on March 10, 2006 at 19:51:14:

call up a foreclosure attorney in that area and forward the file to them. They will let you know how long it takes and how much it costs.

import · March 10, 2006, 4:09pm

Posted by Mike on March 10, 2006 at 17:09:40:

I have the opportunity to purchase a 1st mortgage from a lender at a substantial discount and foreclose on it. The property is northeastern Ohio.

I was wondering if someone who has done this can tell me how involved of a process it is to foreclose on a property. Will I need a lawyer? How long does it take? How much paperwork is involved?

I already have the deed from the seller who is the executor of an estate. There are 2 other liens against the property that need to be eliminated. I have contacted the 2 lienholders and they are not willing to negotiate a settlement.

Any help is much appreciated.

Mike

import · March 13, 2006, 6:19pm

Re: Foreclosing a Deliquient 1st Mortgage in Ohio - Posted by Tom-FL

Posted by Tom-FL on March 13, 2006 at 19:19:39:

You say you have the deed and you want to buy the first lien? You could be shooting yourself in the foot.

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