Secrets about foreclosures

Q:  I want to know how you can "stop" a foreclosure?

• Well there are actually a few ways and one works better then some.  But the quickest way that I know is if the new buyer assumes/takes over the existing mortgage that the original owner has.  This would make the banks happy, but be prepared to have to back pay any amounts that have been overdue.
• One way that can work and has work for me in the past, but it depends how long the owner has been pending foreclosure, would be producing a fully executed contract of sale.  Keep in mind that the banks might deny this and the original owner could still be faced with a foreclosure if the buyers can't close before the auction date. 
• Lastly, and I do mean the very last thing that an owner who is facing foreclosure is to throw up a barrier - if the owner files a bankruptcy then that puts the auction on hold. This is a last stitch effort and should not be something that you would jump into - but remember that the courts don't work fast, so most likely the court won't get around to approving the bankruptcy for at least a several months. This should give you enough time to complete the deal.  Once the deal is done the owner can withdraw the bankruptcy before it actually becomes an actual bankruptcy.   This is not easy though, the owner does need an attorney (Bankruptcy attorney) to file.

Q:  Where are most auctions held?

All auctions are held at:

• Manhattan
  60 Centre Street, in the Rotunda, anytime, but usually Wednesdays at 1 pm
• Brooklyn
  360 Adams Street, Room #261, usually Thursdays at 3 pm
• Queens
  88-11 Sutphin Blvd, Courtroom #25, usually Fridays at 11 am
• Bronx
  851 Grand Concourse, Room B-129, Ground Floor, any day at 2 pm
• Staten Island
  18 Richmond Terrace, Room 106.

...Stay tuned for more information about Foreclosures.

 

Comments

[NYREIA]

Home Equity Theft Protection Law. Ever heard of it? If you're investing in foreclosures in New York state I'd recommend you know it inside and out.

[John]

The best way to get started with foreclosure real estate is to see what is currently on the market in your chosen area, and the best way to do this is to browse online foreclosure listings. There are several large, up-to-date databases online, most offering free full access trial memberships. Take advantage of their offers and use the free trials to get a better understanding of exactly how much foreclosures are selling for in your area. Use online listings to find local properties and then go check them out in person and see how they measure up. Taking a hands on approach will give you an edge over 90% of the foreclosure wannabes out there.
http://www.thejohnbeck.tv

[Peter]

This post is really helpful to me as it gave me a clear idea, how and what are the steps to be followed to stop the foreclosure.