Home Buying in Kailua>Question Details

Justine, Home Buyer in Kailua, HI

What does it mean by "Notice of default? Loan amount 4569?" Can I buy the property for that amount? If I were to bid, is that a starting

Asked by Justine, Kailua, HI Wed Apr 18, 2012

number?

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Bill Parecki RA, ABR, E-Pro, RDCPro, SFR, CFA’s answer
Aloha Justin,

As Suzanne stated this a legal document filed with the court by a mortgage company or some other entity that is owed money by someone who has their property up as collateral to guarantee payment of the loan or it could be some type of lien. This has nothing to do with the bid or amound of bid that this property is going for. In fact at this time we do not even know if this property is going to go to auction. This could be the beginning foreclosure proceedings on the property but at this time more research would be need to find out what is going on with this property. If you need additional information do not hesitate to give me a call or email me.

Mahalo nui loa,

Bill Parecki

Realtor Salesperson (RS)
Accredited Buyer's Representative (ABR)
REO Default Certified Professional (RDCPro)
Short Sales & Foreclosure Resources (SFR)
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0 votes Thank Flag Link Wed Apr 18, 2012
Thank you for clarifying that. So far, my husband and I have not yet decided if were going to buy or not. I am however looking around and trying to do a bit of research. I am hopeful. I know that I just might be able to find something that we could afford.


Again, thank you and God Bless
Justine
Flag Wed Apr 18, 2012
Hi Justine,

If you need further information on the property or comparable sales of neighboring properties, let me know.

Aloha,


Frank Diaz
(RA) MBA, e-PRO, REALTOR®
East Oahu Realty
808.723.0900 cell
808.791.2277 direct
Web Reference: http://hawaiihome.biz/
0 votes Thank Flag Link Wed Apr 18, 2012
Notice of default is generally a legal document filed with the court by a mortgage company or some other entity that is owed money by someone who has up their property up as collateral to guarantee payment of the loan. It means that the debtor has not paid the debt and now they are beginning foreclosure proceedings on the property to try to collect the debt. The loan amount is now much the property owner owes this bank or entity. It is not an asking price or an opening bid at all. It could be any unpaid debt for which the property was put up as a guarantee of payment, homeowners associationd dues, property taxes, or a mortgage. It would require some research down at your county tax assessor's office to find out.
0 votes Thank Flag Link Wed Apr 18, 2012
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