How do I find out which bank owns a home that is in foreclosure ?

Asked by L. Gafford, Daphne, AL Thu Mar 19, 2009

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Tia Stanley, Agent, Williamsburg, VA
Fri Mar 20, 2009
Send me an email with the property information and I will look it up for you. tia@tiastanley.com
Web Reference:  http://www.tiastanley.com
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Jeff K, Home Buyer, Bristol, PA
Thu Mar 19, 2009
Oh yeah ... and do be careful when you approach the homeowners after the auction ... they may have a shotgun :-)
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Jeff K, Home Buyer, Bristol, PA
Thu Mar 19, 2009
Not a perfect answer but a good place to consider starting your search is the online listing of your local county sheriff's office of the upcoming auctions. Usually, but not always, the primary lender is the one that is listed as the plaintiff.

Thing is ... ok now you know whose got the loan but you can't buy it from the bank ... yet. They don't own it - the home owners do - until after the auction. But ... here's an interesting notion for you, since it's AL.

http://www.foreclosure.com/statelaw_AL.html

Ok - pay special attention to the Right of Redemption section. This is where things can get exciting. So, let's say that the TOTAL owed is $80,000. And let's say the owner had $25,000 in equity in the home. And say the home is worth $150,000 in a normal market sale against normal sold comps.

After foreclosure - they would LOSE the $25,000 in that house, credit is ruined, etc. BUT - you can pay them to exercise their right of redemption. So YOU can buy it from them for let's say $90,000 or $100,000 etc. They may really want to work with you since they likely aren't thinking that they've got a way out anymore. They can still get some money in their pockets, and you have instant equity. And your goodwill in giving them some money allows them to get out without trashing the whole place, taking appliances, ripping out plumbing, etc.

Or you could buy it at auction for the $80K (but risk being bidded against). But then they may still be living in your house - and can still wreck it. So you offer them a nice cash offer to leave quietly and quickly - pay for their moving expenses and enough extra to have them work with you.

Anyway, there's a lot to consider and know about foreclosures. I nearly got a great one in NJ but the township actually bid to get it. So I bid them up, knowing I wouldn't win - and this way the former homeowner got to get a check for the difference between her default and the winning bid. Unfortunately I couldn't do a right of redemption play here - due to deed restrictions on the unit.

Good luck ...!
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