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Foreclosure Deed vs. Notice of Trustee... PLEASE HELP!!

Posted on: Fri, 03/27/2009 - 02:07
Foreclosure Deed vs. Notice of Trustee... PLEASE HELP!!

i am new to the forum and have a quick question. i just got registered on the forclosurealert.com site.

i did a search in my are for pre-forclosed and forclosed homes. my questions is, what is the difference between the forclosure deed and notice of trustees sale listings? actually, i know one has been foreclosed on but can you still buy pre-foreclosed homes from the owner?

is this one of the homes where you would contact the homeowner with a letter offering to help?

also, can you buy a foreclosed home before it goes to auction?

thanks for your help!

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Posted on: Fri, 03/27/2009 - 04:51 #1
Forclosure vs Preforclosure???

philliprye wrote:
i am new to the forum and have a quick question. i just got registered on the forclosurealert.com site.

i did a search in my are for pre-forclosed and forclosed homes. my questions is, what is the difference between the forclosure deed and notice of trustees sale listings? actually, i know one has been foreclosed on but can you still buy pre-foreclosed homes from the owner?

is this one of the homes where you would contact the homeowner with a letter offering to help?

also, can you buy a foreclosed home before it goes to auction?

thanks for your help!

Foreclosure Deed: means the property is now in the possession of the lender and they hold the deed in their name, not the owner's name....

Notice of Trustee Sale listings are the properties, which will go to auction and the dates they are planning to be sold at auction. The trustee is responsible for planning and coordinating the sale of the property on behalf of the lender/bank....

Forclosure means the lender/bank has repo or foreclosed on your property for failure to satisfy your mortgage payment(s).....

Pre-Foreclosure means the lender/bank are in the process of forclosing, usually the bank will issue you a NOD/notice of default and hire a trustee to proceed with foreclosure....

Yes, you can purchase a "pre-foreclosure" from the owner, if they are willing to sell their home. Yes, you can purchase a "foreclosure" before and after auction. After "auction" the back calls this a REO/Real Estate Owned or Bank Owned property.....

You can even attend the "auction" in your county, if they have no restrictions stating otherwise. Usually, you will need to bring a cashier's check, so if you should win the bid you can satisify the debt via the trustee/sheriff.

Any other questions???


Posted on: Fri, 03/27/2009 - 14:04 #2
wealth2009, thank you so

wealth2009,
thank you so much for your response. i am familiar with reo properties and auctions but wanted to move towards the pre-foreclosure side. i do have some other questions if you don't mind helping. Smiling i'll try to format this so it's easy to answer.

on the foreclosurealert.com site i get the following information on pre-fc properties.

Document Type
NOTICE OF TRUSTEE'S SALE
Auction Date
03/11/2009 (Can this still be purchased even though a date has been set and who do you contact to make an offer?)
Original Loan Amount
US$85,000.00
Borrower 1 First Name
THOMAS W
Borrower 1 Last Name
DIXON
Document Type
NOTICE OF TRUSTEE'S SALE
Auction Date
03/11/2009
Original Loan Recording Date
11/28/2005
LAW OFFICES OF SHAPIRO & KIRSCH (Do I contact the owner or the lawyer with an offer?)

When it gives the estimated value and default amount, what is the amount you can base your offer on? I know the default amount is probably how much is owed, right?

Thanks again for your help!