Posted by JT - IN on November 02, 2001 at 13:16:12:
Burn that saying into your brain, when dealing with foreclosures, because the obvious is NOT the obvious.
You may be looking at a 2nd mortgage that is foreclosing, and there may not be as much equity as you think. Or, it could be another judgement foreclosing; the possibilities are endless.
You should check to see how many liens are against the property, and who, and which order. Compare that against who is foreclosing, to determine the exact situation.
Teh approach on foreclosure is to try to emulate Columbo, on the TV series. Look for clues as to what is happening and who the guilty party is. Do not rely too heavily on what the homeowner tells you, because folks in financial difficulties have been known to tell a story or two.
What’s not shown on the Notice of Default could be plenty. All you are seeing is the direct action of that party, that is bring the action. It is not their place to tell you what other issues might exist, as they are only attempting to collect a debt for their client.
Try to contact the owner, after you have done some research at the courthouse. I like to know the answers to most of the questions, then ask the owner the same questions, to determine if they are being truthful with you. (Just like Columbo does it, on TV).
Not unusual that the property is not for sale, infact most foreclosures aren’t for sale. This sometimes puzzles me, too. But, what this would say to me is, the owner isn’t planning on selling, and if in fact there is a lot of equity here, this may look more like a Bankruptcy, that is getting ready to take place, in order ot stop the foreclosure sale.
Find out all the facts, then re-post with some more questions. Maybe we can help you make some money her, or maybe jsut help educate you on foreclosures; either way, YOU WIN…
JT - IN