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.