Foreclosure in Boston>Question Details

Tara, Home Buyer in Beverly, MA

I found a foreclosure listing with "notice of default" in the description. I assume this means the borrowerers were alerted about being

Asked by Tara, Beverly, MA Sun Aug 7, 2011

behind on their payments? What is the difference between this notice and a preforeclosure? Is what is the next step if the borrowerers dOnt make their payments? How long do the borrowerers have to catch up on their payments?

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Louis Wolfson’s answer
What state is the property you're interested in? As in MA they can bring it current at 8:59 if the auction is scheduled for 9. Also they can declare bankruptcy at that same moment as well and postpone the foreclosure.
0 votes Thank Flag Link Sun Aug 7, 2011
Everything that is happening is like in a different dimension:
There is no NORMAL, and it is almost impossible to find information; no one wants to talk to you.
It gets very frustrating for the Homeowner and also for a prospective Buyer.

The Notice of Default is normally given to the Homeowner 21 days before the Trustee Sale: The problem is, when did that 21 days start; The Newspaper may be a week late in reporting it.
Since this is a matter of Public Record, you should be able to go down to the County Recorder's Office and they will tell you.

Some states will let the Homeowner catch-up on payments later than others, but you can figure that if they haven't done so by the Trustee Sale, they aren't going to.

The next step would be the Trustee Sale, which very seldom happens.

Next, would be the Foreclosure, which could happen in 2-6 weeks.
Then the Bank will LIST the house with a Realtor; another 2-6 weeks.

You can try to buy it from the Trustee Sale, or wait for the LISTING.
I would recommend that you enlist a Buyer's Agent and have them lookout for the property; you will want them to represent you in the REO sale anyway.

Good luck and may God bless
0 votes Thank Flag Link Sun Aug 7, 2011
Hi Tara,

The property is has been foreclosred upon or it is in pre-forclosure. The are many steps a lender must take prior to foreclosing on a property. If this property is still in pre-forclosure the owners can still save it with a loan modification or catching up on payments or bankruptcy,. The owners could also attempt to sell he property as a short sale. Go to our site for full explanations of the various options.

Best,

Eric
0 votes Thank Flag Link Sun Aug 7, 2011
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