Re: Foreclosure Help - Posted by John OH
Posted by John OH on November 02, 1998 at 23:59:25:
If you are thinking of buying the property at a foreclosure sale, make sure you check the foreclosure process in YOUR State, as the process differs widely. When I did this in Ohio, I went to the County Sheriff’s office for information, as they are the sale authority here.
If you want to buy the property and bring the payments up to date, then talk to the property owner. He can call the bank and get a total amount required to bring the mortgage current. You can offer to pay that amount in cash to the bank and buy the property on Land Contract for the mortgage balance.
You would expect to have a motivated owner, as he might lose the property to foreclosure if he doesn’t act, but you may be suprised. Sometimes these people are in denial and wait until the day before the foreclosure sale to wake up.
It’s definitely worth looking into though. Good Luck.