Foreclosures - Posted by Robin

Posted by angela on January 08, 2001 at 15:11:35:

You are right about the fact that all states do not have what is called statutory redemption, but many states do. In Alabama, the period exists for one year. That is the reason that if a title search is clean, I go directly to the person in foreclosure. Yes it is fact once at auction you do not have to worry with secondary leins, but why go to auction if you can get a great deal beforehand?

Foreclosures - Posted by Robin

Posted by Robin on January 07, 2001 at 14:08:14:

I am very, very, new at this and need some Help! There is a very nice home in a great neighborhood to be offered at the courthouse steps Wednesday, this coming week. The first Deed of Trust was on June 26th, 1986. The amount on the first mortage was $75,000.00. My questions are 1-If there is a second mortage, is it done away once a home is in foreclosure so I wouldn’t be liable for it also, 2-How can I find out if there are any liens or anything else I would be responsible for If my bid wins at the courthouse steps, I contacted one lawyer that wanted $185.00 for a title search. The tax office says there are no past taxes due on the property. What should I Do??

Re: Foreclosures - Posted by angela

Posted by angela on January 07, 2001 at 15:33:19:

You can go to the court house and check public records yourself. It is not hard, most of the employees in probate will assist you. If that is the only lien placed on the property after checking both the property records and the individual’s name than you could try and purchase it before auction. This saves you on the one year right of redemption, and it saves them from going through foreclosure. If they do have liens, it may be better to go to auction. Be prepared to have money on hand. Good luck!!!

Re: Foreclosures - Posted by Marc in PDX

Posted by Marc in PDX on January 07, 2001 at 20:02:06:

Not all states have a 1-year right of redemption…we have NONE here in Oregon. The IRS does have a 120-day right in the case of a tax lien, but it is seldom used.

Yes, if the holder of the #1 mortgage is the one foreclosing, all secondary liens and mortgages are wiped clean: that’s the thing I like about the idea of buying at auction!