preforeclosures - Posted by Mark

Posted by randyOH on September 16, 2003 at 15:20:10:

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preforeclosures - Posted by Mark

Posted by Mark on September 16, 2003 at 13:34:22:

Can anyone tell me WHERE I can find PRE foreclosures? I am not having much luck, no one seems willing to give me any info.

Re: preforeclosures - Posted by Chris

Posted by Chris on September 17, 2003 at 08:47:29:

It’s the hunt and the chase that make it exciting!

Re: preforeclosures - Posted by Brian (MD)

Posted by Brian (MD) on September 16, 2003 at 14:19:39:

Hi Mark,

No one knows what you are talking about because there is no such thing as a preforeclosure. What you are looking for are foreclosures. The homeowner is in default and is GOING to foreclosure. You contact them and offer to purchase their home (usually sub-2)and save their credit before it gets to auction. You can either bring the pmts current and find a T/B or flip for cash.

Re: preforeclosures - Posted by Mark

Posted by Mark on September 16, 2003 at 14:32:18:

Sorry, I was told that there were “PRE” foreclosures AND foreclosures. That the “pre” ones were those that missed ONE or two payments and no proceedings were started yet. I was under the assumption that forclosures were already past that.

Re: preforeclosures - Posted by Paul-FL

Posted by Paul-FL on September 17, 2003 at 06:44:51:

Mark,

You are correct. The PREforeclosures are the ones that have received notices that they are late and proceedings will begin. Also those that are in your County Clerks office can point you to the Lis Pendens, which are people who are facing foreclosure.

If you look around at other REI sites you will see PREforeclosure information and topics for this.

Foreclosures are those that have had all the legal proceedings already happen and will most likely end up in a REO(real estate owned) hands.