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Foreclosure in 19154 : Real Estate Advice

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Activity 3
Thu Aug 26, 2010
Voices Member answered:
S. Chan, It seems you might be asking for information on the foreclosure purchase/bid process and how you can view REO/Foreclosure properties. If so then this might help.

This should give you a general idea about REO/Foreclosures and links to foreclosure laws in all 50 states ......
http://www.biggerpockets.com/foreclosure-process.html
The Banks and Gov. maintain Databases of their properties for sale and make these Databases available to the public to use for Free. The Databases contain asking price, address, property description, sometimes photos, listing agent/contact info and information about the purchase/bid process. Bank and Gov. property for sale (REO/Foreclosure) sites like these........http://www.wamuproperties.com/
http://reosearch.fanniemae.com/reosearch/ ..........http://bankofamerica.reo.com/search/ ....
http://www.hud.gov/homes/index.cfm

You can find the links to these Bank/Gov Databases and more at these sites..
http://www.biggerpockets.com/bank-reo.html
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
http://www.thedirectoriescompany.com/reos.htm
Hope this helps a bit, Dunes
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Sat Aug 14, 2010
Larry Lichtman answered:
Hi Madison,

I would definitely start looking for a place to move to. However, the bright side of this is, you should no longer pay any rent unless the bank notifies you through an attorney and sends you a copy of the "Assignments of Rent" clause. Most likely you will live rent free through the duration of your stay. I would advise you to definitely not continue to pay rent to anyone but the owner directly. If this guy is not the Owner of Record, don't pay him.

When the bank forecloses on the property, it will be sold at Sheriff's Sale, and then they will have to give you notice and time to move. More likely than not, this whole process will take many months and you should have enough unpaid rent saved to move elsewhere. In Philadelphia, as Michael Cohen adised you below, the Sheriff's office may offer assistance and direction. The bank, once it officially forecloses and buys it back at sale, may even offer you cash for keys. They will offer incentives like moving assistance to motivate you to leave and surrender the keys.

Please feel free to call me if you need further assistance. Good luck with everything.

All the best.
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
CELL (267) 254-7994
LarrySellsRealEstate@gmail.com
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Sun Jul 18, 2010
Michael P. Cohen answered:
The answer is for Philadelphia only, They Sheriff Dept sends service only thorugh US postal system. You will not get served by Peron, like other Civil actions. Contact your lender if you are behnd in payments or a Federal agency that can help you for , NO CHARGE to help you. Call me a I give some contact numbers to get stated RIGHT NOW 610-642-0347 ... more
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