Foreclosures Help Information

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Find Foreclosure By Address

Question: How can I find out which mortgage company has the lien on a property?

There is a house/property that we are interested in buying, it's in foreclosure. We'd like to find out who has the mortgage, but don't know where to start. We already know it's not a local bank, we know the address and the name of the previous owners and tenants, but cannot contact the previous owner. Any ideas?
Indiana, Greene County

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Answer: Melissa,

There might be quite a few things to look at in this particular situation. I personally have bought many foreclosures. However, in your situation it sounds as though the house is not quite foreclosed on yet, but perhaps in a state of default. If this is the case you might be trying to attempt a short sale with the mortgage company. You could start at the counties recorders office in your area, but my recommendation to you, if you are really interested in this house, is to contact a title company in your area and have them prepare a profile report on the desired property. This report will give you a good starting point with lenders info and surrounding homeowner’s info. (Sometimes these title companies might have a website with free access to it, I use Chicago title).

However, the real important question you need to find an answer to is, why this house is going into foreclosure. If the house was just bought within the past year, it might have been that it was over paid for (this happened a lot in many areas). If the owner fell behind on payments and couldn't refinance, why were they not able to (if appraisal didn't support loan amount payoff). If the answers to these questions are that their is more owed than what it is worth, then wait till the lender takes it back at auction, and put a considerable offer on it then. (You would be surprised how low you can purchase bank owned homes that are on the market (70%-75% below market value)).

If you really believe this house is worth it, start with a title company. They can get you contact information. If you have not done many foreclosure, pre-foreclosure, or short sales, I might suggest you find a Realtor that specializes in these kinds of purchases, and is willing to help you out.

Lastly, if the property is not fully foreclosed on, you will need to find the owner of the mortgage being foreclosed, and get their permission to work with the bank directly. Otherwise, wait till the bank takes it back and move in then.

Also, if there are other homes in the area that are similar to this one you like, go visit them with your Realtor, and propose a deal with them (let them understand that in a short time the foreclosure down the street is going t bring the comps down in the neighborhood, and this is their chance to get a sale before that happens). Leverage that foreclosure with the rest of the neighborhood.....somebody will bite.

Happy Hunting

Real Estate: Buying, Selling & Renting : How to Find the Value of a House by Address

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Find Foreclosures By Address

Question: How do I make an offer for a pre-foreclosure property?

I have an address for pre-foreclosure from a web site that can tell you if a property is in pre-foreclosure or is already going to auction. I am looking for a second property for income purposes located within one hour from my house.

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Answer: I am a realtor in Santa Clarita, CA and would love to assist you with this purchase. I work very heavily with pre-foreclosure and foreclosure sales, and have contacts in almost all 50 states, so I could probably get you to someone in most any area if you are not in CA.

Real Estate: Buying, Selling & Renting : How to Find Out if a House has Been Foreclosed

Mortgage Foreclosures Statistics

Driving South on Interstate 75 in Marietta, GA everyone on their way to work looks up to see the big realty company sign that tells how many listings are on the market, waiting to be sold.  The numbers have finally made it back in the 70,000 range which is what we used to call “normal” when referring to the then thriving Georgia Market.  We may be tempted to give a sigh of relief that things are finally returning to “normal,” but the numbers portray a false security.
May’s foreclosure statistics reported the third largest number in history of U.S. properties with foreclosure activity.  Although the number was down 6% from April, still 321,480 homes showed filings for foreclosure, notices of default, or were marked for auction and repossession.  May also was the third straight month of national foreclosures exceeding the 300,000 homes mark.  According to a report put out recently by RealtyTrac®, 1 in every 398 U.S. homes received a foreclosure filing in May.  Georgia is currently ranked 7th in properties with foreclosure filings.  In Georgia, 1 in every 377 homes is involved in foreclosure activity, a figure slightly under the national average.
Though there may seem to be signs of less homes on the market, and thus the return of a healthy, more stable real estate economy – the problem lies in the reality of a flood of foreclosures that has been dammed up by various state regulations and the Obama administration’s requests in the form of an imposed moratorium since October 31, 2008.  That moratorium was lifted March 31st, and now banks and mortgage companies are aggressively engaging their previous process and policies of foreclosure regarding delinquent homeowners.  We haven’t seen the effects of the flood yet because evictions and notices take time.  But be assured, it’s coming. RealtyTrac’s executive officer James Saccacio stated this month “We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end.”
Many people have been living in their homes for 6 months to a year without making payments, and without so much as a peep from their mortgage company.  Many lenders had slowed or stopped their foreclosing on borrowers waiting for clarification on Obama’s housing-rescue plan introduced in February, and the possible incentives accompanying it.  Other mortgage companies delayed foreclosures simply trying to deal with and strengthen their own programs to withstand the onslaught of the first wave and to comply with the changes in state laws.  But now with the moratorium lifted, the dam has begun to crack, and the force of the waters behind it is great – and these guests who have overstayed their welcome are being told to pack their bags -- quickly. 
The effects of this 2nd wave of foreclosures on the real estate industry and the economy at large are uncertain.  Some experts expect more than 2 million homes to be foreclosed on in 2009 and that this flood of properties may cause further decline in home prices of up to 20%. So, I guess it’s fair to say we’re not out of the woods yet.  At the same time though, it’s not all doom and gloom.  With the second wave of foreclosures on the way, the agents who have survived through grit and professional determination, savvy investors, and homebuyers have a chance to ride the wave -- this time with more experience, more opportunity, and potentially more incentives than ever before. I have hope that, although the real estate industry led the way in getting us into this mess, it will also lead us the way out.
Lee Graham is an Associate Broker and owner of The Graham Group, a premier team of real estate professionals specializing in <a href="http://www.atlantagrouprealestate.com/"> Atlanta Real Estate</a>.  Their areas of expertise include Residential, Foreclosures, and Short-Sales.  View more information at http://AtlantaGroupRealEstate.com.

About the Author:

Prior to beginning his career in real estate, Lee founded a successful insurance agency in Danville, KY. In 2001, he co-founded Avenues of Atlanta Realty and became a Multi-Million Dollar Producer from 2001 to 2003. He received his broker's license in 2004 after co-founding Weichert, Realtors-Premier. His successes as a Realtor contribute to his credibility as a leader of his Company's agents. His most recent activity includes the founding of The Graham Group, specializing in Atlanta real estate.

Article Source: ArticlesBase.com - Riding the 2nd Wave of Foreclosures

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