Question about attorney handling foreclosure - Posted by Dan (mo)

Real Estate Investing
#1

Posted by Todd (MO) on January 07, 2001 at 21:26:30:

The ads may still run, but what happens most of the time is that the homeowner is just giving you a line. Many times I have been told this and the owners will not discuss things with me and then the property goes to the courthouse steps anyway. It’s that ostrich syndrome that was dicussed in a previous thread. Homeowners in foreclosure WILL lie to you. That is why you need to check out everything they may tell you. It is always taken care of, just say OK and leave them your card in case they need anything.

The attorney (trustee handling the sale) will tell you if the sale is on or not, but not much more. If you are dealing with an owner in foreclosure you can have them call the trustee to authorize them to release information to you when you call.

Hope this helps.

Todd

#2

Question about attorney handling foreclosure - Posted by Dan (mo)

Posted by Dan (mo) on January 07, 2001 at 20:50:18:

I have encountered a couple of individuals in foreclosure where the process has “been taken care of”. The “Notice of Trustees Sale” continues to run daily in the legal paper for my area, even though the process has been supposedly stopped.

My question is - is this normal? If the process is resolved by someone making up the back payments or an investor buying the property and cashing the foreclosing lender out, would the notice continue to run in the legal paper?

Also, how cooperative are the attorneys handling these things as far as me calling them asking if the trustees sale is still on or has it been cancelled. Would they have any reason not to give me a straight up answer? The courteous thing to do on their part would be to tell me that the sale has been cancelled then they dont have people going up to the courthouse steps looking for a nicely dressed attorney so they can try and buy a foreclosure property.

I can also see where they would lie and tell me the sale has been cancelled when it really hasnt. Maybe their “buddy” is gonna bid on the property and split any profits with the attorney handling the foreclosure if the property is a “hot” one with lots of equity.

Any thoughts on this are appreciated.

Dan (MO)

#3

Re: Question about attorney handling foreclosure - Posted by dewCO

Posted by dewCO on January 08, 2001 at 14:43:28:

Don’t know who actually holds the sale in your area, but here, I would call the county Trustee’s office (they hold the sale) and find out if they have received any paperwork cancelling or delaying the sale. Some times the seller might have it worked out, but it takes time for the paperwork to catch up too. And some time the foreclosing lender will jut want to wait “just in case” until right before the sale to cancel it.