Home Buying in 08043>Question Details

Dick, Home Buyer in Voorhees, NJ

how do i contact the bank on a home in forclosure?

Asked by Dick, Voorhees, NJ Wed Apr 16, 2008

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7
I believe the prior posts have all answered your question to some degree. However, your question is not precise enough. Is the home in foreclosure or has it been foreclosed upon? Critical difference here, and it has been addressed below already, is the title of the property and who owns it free and clear. Start your search at a local realtor and/or the local county/municipal courthouse. The bank would be the next step in the process and may not even be in a position to talk with you as a third party. Good luck!
0 votes Thank Flag Link Thu Aug 7, 2008
Dick,

Real estate professionals in your area will have the capability to access "foreclosure" property and the expertise to offer beneficial information.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Thu Aug 7, 2008
Its a long road to purchase a foeclosure. You best bet is to work with a Realtor to help you find these homes and negoaitate with the bank or other agent. They can find some info that you might not otherwise have access to. Any questions please let me know.
0 votes Thank Flag Link Thu Aug 7, 2008
Prior to obtaining my real estate licence, I had purchase the note (mortgage ) from the bank and then foreclosed on the property. Yes, this could be done. First, find out everything you need to know on this property. Where is it in the foreclosure process? This process can take years? Where are the current owners? Could you get into the house? Can you have the home inspected? Run a mortgage search for Camden County. You will need to find all the lien holders. The best bet is call the Mortgage company or bank who holds the mortgage. Speak with someone in charge. You can not purchase a mortgage with a mortgage, therefore you would need to have a cash purchase. This is because you are buying the bad debt and not the house. Just hire the same attorney, who is currently working on the file for the mortgage company. They have done most of the leg work, therefore would probably give you a great deal on obtaining them. Remember you must negotiate with all the lien holders. So, maybe discussing this with a attorney who represents a bank currently, might help. But yes, banks buy bad debt from other banks everyday for pennies on the dollar, so you could too. It's a very long process and a frustrating one. This process is alot more complicated then one paragraph, but in the end you can make out very well..
0 votes Thank Flag Link Mon Aug 4, 2008
The first thing to do is get represented. Contact a reputable Realtor who can research the status of the foreclosure and has experience in dealing with banks in this climate. The agent will be able to provide all the necessary information so that you can make an educated decision.
0 votes Thank Flag Link Wed Apr 16, 2008
Typically the bank will list the property with a Realtor once the home has been foreclosed on. Prior to that you will have to do some research, pull the deed, find out who holds the mortgage, each bank has a department that handles foreclosures and most are pretty busy these days. The phone numbers can usually be found on the foreclosure deed or doing a web search but each one is a little different.
0 votes Thank Flag Link Wed Apr 16, 2008
Your best bet is to contact a Realtor in your community that specializes in short sales and foreclosure homes. They will be able to give you the most amount of information on the property as well as knowing which lenders to contact.
0 votes Thank Flag Link Wed Apr 16, 2008
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