Posted by Robert (NM) on June 18, 1999 at 23:48:16:
I have found out that the best time to approach foreclosures is checking with the County courthouse( or wherever the notices are kept in your state) In NM a Lis Pendens is filed and a30 day redemtion begins. I take info on only accts that have been paid down for at least 7 years, get there address and go knock on their door. If you call, you are just like all the other creditors that have been harrassing them for the last few months. I fyou have them face to face, then you can get into the door by saying," Hi, Mrs Jones, I understand ABC mort. co. is attempting to foreclose on your home, I can stop that process. Are you interrested?" It is a sticky situation sometimes, but it avoids auctions. If they say no, you still have a chance to buy it at auction if you desire.
Anyway, hope this helps.
I watched the video of your Dallas presentation. Really got my juices to flow. It did create a few questions though.
When it comes to working with foreclosures… here, it’s only 21 days from first public notice to auction, which don’t give you much time to move. Do you recommend calling the payees listed in these notices, asking if they would like to sell the note, in order not to have to deal with the foreclosure procedure? Or, is there another way of dealing with this type of situation?
Posted by John Behle on June 17, 1999 at 18:45:48:
I don’t know Alabama’s laws, but I don’t think they are that “short”. The only state I know of with such a short time period is Texas.
The public notice comes in the form of the ad in the paper. In Utah for example, the time period is the same as you mentioned - 21 days.
But there is a previous notice that comes in the form of a “Notice of Default”. That happens three months previous (in Utah and many other states) and is a redemption period. Through legal papers or researching the notices at the courthouse, you can find out about properties as soon as the Notice of Default is filed. It can be costly to subscribe to a legal paper, but you can look at them at library’s, title companies or a law office.