City Hall would have the info on the mortgage. Usually, though, the bank will not speak to you about buying the home directly from them. They will want to go through the usual process of foreclosing and then putting the home on the market. What you may want to do is speak with the landlord about you purchasing the house from him/her. It would probably have to be a short sale, so he/she will have to be willing to provide the bank with all their financial info. You should also enlist the help of an experienced short sale attorney. Call me if you would like a referral or more info 714-7724.... more
I would tend to rely on an attorney's opinion, however, the attorney in this case does not represent you. In a real estate transaction of this nature you may want to have your own attorney who represents your interest. The money you are saving on the property due to a short sale should allow you some extra cash to protect yourself in this transaction. Then you can make sure all the provisions are in your best interest. IF you need an attorney please feel free to call me. Joe... more
In this difficult market, it means that the seller is "upside down." They need to sell but the current fair market value is less than what they owe their lender. Any offer must be submited to the current lender for approval of the amount of sale. Many lenders are allowing these type of sales, and forgiving the difference, rather than the seller get into more trouble and possibly face foreclosure.
Providence and greater areas where just put of the list in the US as a decling market. I just ran into someone today who got 1500 Sq ft for 800$ over there by Power Rd. Lots of spaces are up for rent. I'd hate to see you buy before it get worse. I visited the place and it was great. In RI it is a disaster with assessed values. It will take 1 more yr to contest mine but I bought a multi at 350K. My assessed value is $340K and I just got it appraised to do a quick refi and there saying to due foreclosures in the area it's lowered my prop value to $280K. Yet, my assessed value is the same w/ $5000 in prop taxes a yr. Not worth buying in my opinion.... more