Home Buying in Cranford>Question Details

suzyerl, Home Seller in Cranford, NJ

What is with all the pre-forclosures? Really that many people delinquent on their mortgages in this nice town?

Asked by suzyerl, Cranford, NJ Sat Jan 12, 2013

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"pre foreclosures" are homes that have missed three paymments.The banks sell this information to these companies that list them and sell the website to consumers. Scammy... eh?

In actuality, the house may never see foreclosure, short sale or anything.. have you seen homes in a neighborhood that is $600k and the house in in preforeclosure for $125k .. well that is what they owe on the house, NOT what it will be sold for.. the threat of sale at what is owed is where they get you.... the house will never sell for $125k.

People are late with paymetns in todays world... a lot of people.
1 vote Thank Flag Link Sun Jan 13, 2013
It is said that on average 1 in 10 homes nationally. Preforeclosure can be as little as 30 days late though, most bring their payments current or work something out.. Preforeclosure entails anyone in default
1 vote Thank Flag Link Sat Jan 12, 2013
In most cases, these homeowners are likely to get a loan modification in which the websites do not update this information.
0 votes Thank Flag Link Sun Jan 13, 2013
If referring to RealtyTrac ads, keep in mind that RealtyTrac's information may not always be accurate and oftentimes can be misleading--you could be looking at a lis pendens property--notice of default--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent, as most do end up being listed by a broker--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties.
0 votes Thank Flag Link Sun Jan 13, 2013
I read that the number was more like 3 out of 10 are 90 days late.
0 votes Thank Flag Link Sun Jan 13, 2013
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