I'm in foreclosure, though didn't get served. Have buyer for house, willing to pay full $ owed on loan. Will he know I'm in?

Asked by Avonnancy123, New Lenox, IL Thu Feb 2, 2012

foreclosure?NOT short sale

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8
., , Outer Sunset, San Francisco, CA
Fri Apr 13, 2012
What are you waiting for, Call your bank!
0 votes
Gina Chirico, Agent, Fairfield, NJ
Thu Feb 2, 2012
Avon,

I believe I answered your other question earlier. I'm not sure if you are in NJ or Illinois since you ask questions in NJ but your profile says Illinois. If you are in New Jersey, most likely after about 90 days of default the bank files a Notice of Lis Pendens aka Notice of Default, along with the foreclosure complaint. Shortly thereafter you will be served with a copy of the filed complaint. The lis pendens basically alerts a buyer through their title company or lender (if a refi) that the property’s title is in question and that the property is facing foreclosure.

Taking into consideration what your last question was and reading this one, if you can sell the property to the buyer and still have enough money satisfy all other liens, fees, etc., what's the difference if he knows you are in foreclosure or preforeclosure? Honestly, if you are facing foreclosure, this isn't the time to let pride stand in your way. If you have a buyer that can buy the home, pay off your mortgage, pay the other costs associated with selling your home (as I posted in my last answer), then who cares if he knows you are in foreclosure. I know you'd rather the buyer not know but look at this as being a fresh start for you.

So to answer your question, aside from public records on public websites which aren't always up to date or accurate- if the lis pendens was filed, it'll show the foreclosure proceeding on the title search.
0 votes
Wayne Odenbr…, Agent, Mountain Lakes, NJ
Thu Feb 2, 2012
Foreclosure proceedings are a matter of public record and easy to find on a number of websites available to the public
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Thu Feb 2, 2012
Avon,

Trulia is great and the plethora of answers you will get are most often helpful, but honestly, a phone conversation will better serve your needs. There are so many questions that need to be discussed with the possibility of deferring you to an ATTORNEY and not a REALTOR to serve your best interests.

Please do call me for a no obligation consultation as I honestly feel that would serve your needs best.

Francesca Patrizio, Broker Sales Associate, ePro, SRES
Francesca@PatrizioRE.com
732.606.2931 (Direct/Cell)
Web Reference:  http://www.PatrizioRE.com
0 votes
Ibrahim Hugh…, Other Pro, UNION, NJ
Thu Feb 2, 2012
In NJ, it can take months (in my experience) from the time a lis pendens (legal document giving public notice of a foreclosure) is filed and the time it actually shows up on most 'consumer-friendly' websites. However, It will show up on a title search immediately. Thus when the attorney for the buyer gets the title report back he/she may inform his client at that point that the property is in foreclosure.
0 votes
Andrea Alumm…, Agent, Hoboken, NJ
Thu Feb 2, 2012
Buyer will not just have to pay for your principal balance but also for all the fees that are added from last time you paid your mortgage, Most banks (now days) foreclose you after 3-4 years of being in default.

Once buyer's attorney obtains a Payoff Statement from you lender, payoff statement will have foreclosure attorney fees , late fees etc.

So yes buyer will know.
0 votes
Martin Macis…, Agent, South Portland, ME
Thu Feb 2, 2012
Depending on your State, you are not in foreclosure until a legal Summons and Complaint is filed at your courthouse. Then you'll get served.

If you are just delinquent you are not in Foreclosure.

If you are in a non Judicial state, you may never be served...you would need to determine the Payoff amount by faxing a Payoff request to the lender...they will calculate all late fees and give you a payoff.

If you have a buyer, and he pays in full, you should have no issue...however, dont assume he'll pay full amount until you know what that is, plus expenses.
0 votes
Matthew Free…, Agent, Orange, CA
Thu Feb 2, 2012
Once the Notice of Disclosure is filed it becomes public information. Various websites or other real estate tracking sites might publish the information as pre-forclosure. The buyer would possibly know if they searched for the house, but it is not for certain.
0 votes
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