Foreclosure in 20176>Question Details

mbs,  in Leesburg, VA

I heard of a home that was going to foreclose & the family has moved out. How do you find out what bank?

Asked by mbs, Leesburg, VA Tue Jul 21, 2009

holds the mortgage? No sign is up

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You will have to find out the name of the Trustee handling the foreclosure process. You can find this by going to the courthouse and searching public records, the local newspapers dated 1-2 weeks prior to the Trustees Sale date, or by paying a local title company to do a title search for you.

Finding out the name is only a first step, actually reaching anyone to get any information about the property will be difficult. Everyone is swamped and you are not their client. They are busy clearing the property for resale, which could involve, eviction, repairs, clearing up other liens, etc. Banks (who are often out of state) are not equipped to handle the sale of the property, that's why they find local agents to list them. As everyone said, you will have the best luck with an agent. Many of us have ties with agents who specialize in foreclosures, and can get a "coming soon" list from those agents.

If you decide to keep researching the property, do post again to let everyone know if it was successful!
1 vote Thank Flag Link Wed Jul 22, 2009
A sign may never go up some banks have investor who purchase in lots. All state statues must be met prior ever placing a home on market it could be days, weeks or months.

Lenders won't deal direct with buyer would refer you to an agent

Contact a local Trulia agent in your area.

Good luck owning a home you receive annual tax benefits.

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0 votes Thank Flag Link Tue Jul 21, 2009
If you have the address, you can search the public notices in the local newspapers to find the details of the foreclosure. If you're not sure how to go about that, send me the address and I'll try to find it for you.

I have to ask, however, why you would want to know the name of the bank? You won't be able to negotiate with them directly to buy the property. If you're interested in purchasing the property, you'll have to wait until it's listed for sale.

I have no doubt other real estate professionals will also jump in here to give you more information regarding foreclosures - you should listen to them. We've been dealing with foreclosures for over a year now and it's been a learning experience from which you can benefit.
Web Reference: http://www.GlendaCherry.com
0 votes Thank Flag Link Tue Jul 21, 2009
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