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Foreclosure in Joliet : Real Estate Advice

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  • Home Buying38
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Activity 7
Fri Mar 17, 2017
Crnkovic asked:
Fri Dec 26, 2014
ssimich07 asked:
Tue Aug 27, 2013
Tman answered:
Go to the will county recorder I'd deeds website and you can see if a sheriffs deed has been recoded
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Fri Oct 22, 2010
Kim Noonan answered:
Probably means the case was stricken from the docket, which is the schedule for the judge for that courtroom for that particular day/time.

Could have happened for any number of reasons, and does not necessarily mean the foreclosure will not happen eventually - depends where it is in the process, who's the lender, is your friend working on a short sale, etc.

Your friend should ask his/her attorney what's going on, get an attorney versed in foreclosure/short sale if s/he doesn't have one, and if s/he wants to try to sell the home at short sale and avoid a foreclosure, contact a Realtor in the area who can help.
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Wed Jul 21, 2010
Kim Noonan answered:
Will County Recorder of Deeds site states that a lis pendens action was filed on the property by the lender earlier in the year. This is the first legal/recorded step in the foreclosure process, and the lis pendens was filed in February.

This property may/may not end up as a foreclosure; until the process is complete, the owners retain the right to sell their home, attempt to refinance or obtain a loan modification; do a short sale; or pay any arrearages to bring their mortgage current.

I also see in our MLS that the home had been listed for sale; the property owners were, in fact, attempting a short sale. I also see that the short sale may not have been successful, as the listing expired about two weeks ago.

If the home does become a foreclosure, first it will go to Sheriff Sale, at which time the bank will bid what they're owed; any 2nd mortgage or additional lien holders have the right to bid higher, as do members of the general public. Sheriff sale buyers take the property as-is/where-is, sometimes with occupants in residence. Also, you cannot be subject fo financing to purchase at Sheriff sale.

If no one steps up to the plate at the Sheriff sale, the bank will more than likely take the property over and after a period of time has elapsed (anywhere from weeks to years) it will come to market as an offered foreclosure, listed in the MLS for open sale by either the lender or the mortgage insurance company (or FHA/VA).

If I can be of further assistance, please don't hesitate to call, text, or email me.
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Tue Nov 3, 2009
Tammy Fullriede answered:
Hi Shelly,

Log onto http://makinghomeaffordable.gov/. It is a government program designed to help people who are having a hard time paying their mortgage.

Tammy
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Mon Jul 7, 2008
Scott Smith answered:
Hi John,

In today's market there is no sure bet or investment. If you are looking for an investment property now is a good time to get a deal but if your looking to get the biggest return on investment you will need to wait until the market turns around, there for you may need to sit and hold the property or rent it out to offset your overhead. I agree with the agent below about coming in low on your bid. After all this is an investment not your dream home so think of it as a business move. Just keep in mind that if you purchase a investment property you may have two mortgages, two real estate tax bills and utility bills not to mention up keep for a while.

I would be more than happy to answer any of your other questions..

Take care and best of luck !!
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