Preforeclosures - Posted by tc

Posted by Brent Leach on August 22, 2003 at 14:31:03:

Depends on the state you are located in, and if the state has a Judicial or Power of Sale system.


Brent Leach

Preforeclosures - Posted by tc

Posted by tc on August 22, 2003 at 12:58:17:

I am attempting to understand the process of how to find PF. It was my understanding that a Notice of Default was filed for a mortgage forclosure. Is this true in most states? I went to the records and deeds department in my county. I explained to the clerk I was looking for Notice of Defaults.I was taken to the forclosure notices for auctions on the county steps.

Was I asking for the right document? I wanted to get the property before it went to foreclosure.
Any suggestions?

Re: Preforeclosures - Posted by Willie

Posted by Willie on August 22, 2003 at 14:36:17:

The notice of impending forclosure is usually filed in the county records of deeds department. It is sometimes called a “Lis Pindens” and is filed by the entity doing the foreclosing, usually the first mortgage payee, but not always, it could be filed by anyone having a lein filed against the property. Go to the records dept and look up the property. There you should find the deed, if it is a deed state, and all liens, as well as any Lis Pindens, or any of the following notices or petitions in the foreclosure process, judgements etc. if it has gone that far. If there is only a Lis Pindens which is the first notice of the foreclosure process, you have a pre forclosure, but it may not even have gone that far yet if they are just a couple of months behind in their payments. At what point the notice is filed, dependens on the proceedures established by the filer. Some wait longer, but most I believe do it about three months behind in payments.