Posted by Mike Daly on March 08, 2002 at 05:08:11:
Yes, if the loan’s that old then it is probably a first mortgage. What you don’t know if there is a 2nd or other liens.
Best way to find out info on mortgages and liens is checking your courthouse records. Depending on your county, you may be able to do this online.
If you’re going to do anything, you’re best chance is to do it before the sale. I’d visit the owner (if they’re not home leave a handwritten note) and see what you can work out with them. It would be good to partner with a more experienced investor on this.
If you’re interested in foreclosures I’d recommend Joe Kaiser’s course, but take a more basic class first so you better understand the foreclosure process – check your local newpaper and you’ll probably find something.
Newbie with a question about a foreclosure sale. The property is listed in the paper (Notice of Sheriff Sale). The foreclosure amount was $39T. According to the city assessor, the assessed value of the property is $119T. The notice says that the property will be sold subject to any existing liens and encumbrances.
What does the last clause mean?
Is it too late (foreclosure judgement was last year) to approach lender to bring mortgage current and get deed from current owner?
If anyone knows about WI foreclosure auctions and is willing to show a newbie the ropes, I would really appreciate it.
Posted by Mike Daly on March 07, 2002 at 19:41:54:
The 39K is the amount of loan in default getting foreclosed. It sounds like it’s probably a 2nd mortgage since the gap is so big, which means the total debt on the property would be at least 39K plus the amount of the 1st mortgage.
It’s up to the lender, but generally if you can make the mortgage current they’ll stop the foreclosure process.
Posted by Newbie (Sid) on March 07, 2002 at 19:51:42:
Thanks Mike,
I did a little more checking.
The house has had the same owner from mid 1980’s. Would this account for the big gap between assessed value and foreclosure amt?
How do I check if this is a first or second mortgage?
If this is the first mortgage, is it worthwhile for a newbie to attempt stepping in or are these situations best left to those with far more experience.
If any REI people in Wisconsin are interested in the property, I can provide further details via email. All I ask is that you show me how you would go about making the deal happen.