Coldwell Banker Jane Henry, Realtors
Usually when a home gets to this point, the seller has not made a payment on their mortgage for quite some time. Not only do the home sellers owe the mortgage company for the balance of the loan, but also many times there are late fees, penalties, and sometimes even back taxes or insurance fees. There may also be other liens on the property such as a 2nd mortgage or an HOA lien.
As a buyer it is very risky to purchase a home on the "courthouse steps" as a foreclosure, as you have no insurance against defects on the title to that home. However, if you want to purchase BEFORE the foreclosure sale, then you really need to get a Realtor involved - and one that has experience with short sales. That Realtor can help facilitate a pre-foreclosure sale (short sale) with the mortgage company. However, please know that there are no guarantees that the mortgage bank will accept your purchase offer...and this could be a very lengthy process.
If you need further details, please feel free to call me directly at 214-418-0180.
Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
Kevin D. Brown
Owner, KDB Properties
18383 Preston Rd Suite 150
Dallas, Tx 75252