Pre forclosure

4 Replies

Hi: I found an owner that wanted to sell the house before it went to forclosure but went I came to visit the owner he had two notes on the property, so when I make an offer will I have to consider the second note and if I get the property will I have to assume or pay it off with the first one or will it get wiped off.   New in this area.

Don't count on assuming it. Lenders don't allow that. You'll have to pay it or risk getting foreclosed on.

If you are making your offer contingent upon financing, you won't be able to close without taking care of both notes. You may be able to settle the second for a percentage of the loan balance but, YOU can't do that directly and if you try to do a short sale without the property being listed with MLS and being represented by an agent, you'll get turned down.

There are a lot more gears spinning this engine that most people realize.

Originally posted by @Rosa Elena Tejado :

Hi: I found an owner that wanted to sell the house before it went to forclosure but went I came to visit the owner he had two notes on the property, so when I make an offer will I have to consider the second note and if I get the property will I have to assume or pay it off with the first one or will it get wiped off.   New in this area.

Common problem, unfortunately home owners wait t I the last minute "Waiting for Magic". I believe is our job, as a Realtor, Investor, Neighbor, Etc, Etc, Etc To educate the general public, unfortunately no home owner want to ventilate their problems with the Mortgage. But there is a lack of knowledge and lack of information. Home owners, are sick and tired of hearing from their Mortgage companies. Sorry you are not behind with your payment, we can't help you. That is an insult to the general public. We need to teach the public, our neighbors to ask for help as soon they a front a lack of job, a divirce, Etc, Etc, Etc. Asking for help soon, will help those in bad situation, to sell their house at least with some money, and before the Banks get involved. We can help. OrrigoniGroup.com