Foreclosure in Palos Park>Question Details

Boxer24, Renter in Palos Heights, IL

How do you find out how much someone is behind on the loan payment when you are renting the house which is in pre foreclosure?

Asked by Boxer24, Palos Heights, IL Wed Jan 26, 2011

The house is on the computer under foreclosures ( pre foreclosure). How long will it stay up and will it go off the computer if they have paid the loan up to date?

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You can go to the court house and pull the file and see how much they owe. You can also see how much time they have before losing the property. If a case is filed, even if the owner catches up, the case file will still be at the court house.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes Thank Flag Link Wed Jan 26, 2011
The amount owed has nothing to do with the foreclosure process. The bank can file a notice of default once the owner is 90 or more days late but often will refrain from doing so while they try to resolve the missed payments. Since the state of Illinois process most foreclosures in court you can easily determine the sale date by reviewing the court files. In the state, if the court rules against the borrower and issues an order to foreclose the bank cannot set a sale date until 90 days after that decision. This order should be your line in the sand to determine an approximate sale date. If you would like additional information about the foreclosure process in your state, click the link and select your state, http://foreclosurecourt.org/ForeclosureLaws.html

If the owner is able to bring the mortgage payments current the lender is required to dismiss the lis pendens filings which will remove the foreclosure status. There is some delay in this process but it is normally completed an updated to online sources in approximately 45 days.

You cannot trust your landlord to be honest about this matter. It is best to continue to monitor public records or sign up with a service that monitors foreclosure activity for renters. You can learn more about this service here, http://foreclosurecourt.org/find-out-if-your-home-is-in-fore…
1 vote Thank Flag Link Wed Jan 26, 2011
Hi Boxer,

You don't unless the Landlord wishes you to know that information. That is between them and the lender. Pre-foreclosures can be cured through a number of methods and I'd venture to say that in our area at least most of the homes listed on the prominent (pay for service) websites never do go to foreclosure.

Have a candid conversation with your Landlord and let them know that you have concerns. You can find out your rights as a tenant through your local attorney general's office.
1 vote Thank Flag Link Wed Jan 26, 2011
Ok. Why?

You want to stop paying them?

Do you want to buy the house?

Pre-foreclosure can mean a few things.

As long as a bank or lawyer hasn't contacted you pay your rent. If you don't you'll get evicted and your landlord will rerent the unit.
Web Reference: http://www.rentlaw.com
0 votes Thank Flag Link Wed Jan 26, 2011
I cant tell you how many of these sites claim stuff like this on properties, and its not really true. A lot of these sites use the old "bait and switch." They show you some amazing house thats going into foreclosure for some unreal deal, then you sign up for their site, and the properties not there. Make sure its really the legit property. If it is a real claim and it is going into foreclosure, you can check the tax records, but most likely you wont be able to find out. It seems as though you are living in the place now, so I would say the best way to find out, ask your landlord. Show him what you saw, and take it from there.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Wed Jan 26, 2011
Yes, as long as the foreclosure proceedings have started. If you have specific address, I could look it up for you. Private message me about it. I could try to look it up.
0 votes Thank Flag Link Wed Jan 26, 2011
You can log onto the County assessors site, here in Tucson, Arizona it is Pima County Assessors site and look at the Tax Information. On there it will show how much the property was bought for and if there is a recent mortgage. You can do the math, however the site is not always 100% accurate nor up todate. As far as time it stays up, who knows how oftern they update that information.

Hope that helps.
0 votes Thank Flag Link Wed Jan 26, 2011
You probably can't.

The only accurate way to determine how much someone is behind on loan payments is to contact the owner's lenders. However, they won't speak to you unless you've received authorization from the borrower. There are forms--usually called "Authorization to Release"--that a borrower can fill out authorizing someone else (such as you) to contact the lender, and authorizing the lender to respond to your questions. If you could get the owner to sign an "Authorization to Release," you then could contact the lender and find out.

There's a previous suggestion here to go to the courthouse and pull the file. I don't know if that'll give you the information you're looking for. Even if it did, it would only be accurate as of the date the documents were filed. In a pre-foreclosure, the amount escalates with every missed payment.

How long will it remain on the computer (as a pre-foreclosure) even if the loan is brought current? That all depends on how fast the paperwork travels from the bank's attorneys to the bank, then back to the attorneys, then to the courthouse, and how fast the courthouse employees update the information. I don't know the answer, but I'd guess probably 1-3 weeks.

I'm guessing that the owner is telling you that they've brought the loan current, or that they plan to, and so not to worry about what you're seeing online. (How am I doing?) If that's the case, then maybe an "Authorization to Release" would work. You'd say to the owner: "You say that the loan has been brought up to date. That's great. But just for my own peace of mind, I'd really like you to sign this piece of paper. It'll just let me call up your lender and confirm that the loan is current. Or, if you have a statement from the bank saying the loan is current, that'd be acceptable, too. Which would work best for you?"

For privacy reasons, the owner might prefer not to sign an "Authorization to Release," so a statement from the bank saying the loan is current would serve your needs while being less intrusive. Notice that your request is posed as: Either an authorization to release OR a bank statement. Either way, you're asking for absolute proof. If the owner balks (which I suspect he will), that might be interpreted as a sign that the loan in fact isn't current.

Hope that helps.
0 votes Thank Flag Link Wed Jan 26, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
If you suspect that the owner is behind on their loan payments, I would consult an attorney to see what recourse you have as a tenant who is bound by a signed lease.
0 votes Thank Flag Link Wed Jan 26, 2011
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