Foreclosure in Mass Question

5 Replies

Hi All

quick foreclosure question 

driving for dollars boarded up property 

checked Registry of Deeds (Suffolk County) Mass.

I see an Affidavit by Mortgagee (loan company )

also see assignments between loan servicing companies

looks like foreclosure is underway 

I called wells Fargo is servicing  he loan per registry of deeds

but they were not allowed to give any info 

How can I get more info on purchase details ?

 or just wait until it hits 

Wells Fargo REO pile ?

Thanks

@Erie Springer

Check public records for the owner, and try to reach out and get any relevant info

The other route depending on how things are done in Boston is to check the public auction site

At least here the way it works here is that there needs to be a public auction BEFORE it hits the REO pile. That's where the bank essentially bids to take legal control of the property. They typically bid at or slightly above what they are owed on the mortgage from my experience.....If you know what you're doing it can be a way to get a property before it gets out to the public (ie listing agent with bank etc), however you need to be sure that you are not buying a property with a 2nd mortgage etc on it... We've done this once and just engaged with the usual parties independently (title, closing attorney) to get them engaged and get a comfort level with what we were buying.

Hope that helps...

Thanks Jim

Owner is deceased , I'm trying to reach his family for more info
but the answer may be  waiting for it to go to public auction  

There is a couple if liens for property tax to the City
looking for properties before the bank get them but thanks

I 've searched local auction sites nothing yet
but yes this is helpful and Thank you !


Originally posted by @Jim Goebel :

@Erie Springer

Check public records for the owner, and try to reach out and get any relevant info

The other route depending on how things are done in Boston is to check the public auction site

At least here the way it works here is that there needs to be a public auction BEFORE it hits the REO pile. That's where the bank essentially bids to take legal control of the property. They typically bid at or slightly above what they are owed on the mortgage from my experience.....If you know what you're doing it can be a way to get a property before it gets out to the public (ie listing agent with bank etc), however you need to be sure that you are not buying a property with a 2nd mortgage etc on it... We've done this once and just engaged with the usual parties independently (title, closing attorney) to get them engaged and get a comfort level with what we were buying.

Hope that helps...

@Erie Springer You have to find the owner of the property and find out if they want to sell. A lot of times homeowners in that situation don't know how to deal with the bank and they just vacate the property. If they are open to a sale, and they are not under water, you can go through the regular sale process. If they are under water, then you should educate them on the short sale process. I don't know the property, but from what you described above I believe they have time to do a short sale. We purchased 4 short sales in 2017 and got pretty familiar with the process (all of market). Let me know if you have any questions. 

@Erie Springer

Hi

I think you got it Erie but just want to clarify - 

Local auction sites may be all you have to work with there in Boston land, however here a public auction is public record.

I don't fully understand how an owner or bank lists for auction on say, HUBZU or Auction.com vs. going through the public record part.  However, I was referring mainly to the public record.  Here it is the county that maintains that.

Anyways, good luck.  If you've reached out to the owners, or tried, I guess that public auction thing is the only other avenue you can explore.

Thanks  

@Enis Shehu   

4 or 5 years ago I helped a broker I was working with and you're absolutely right 

one thing I know is the owner is deceased which complicates matters  guess this is why we need as many leads as we can get 

Thanks

@Jim Goebel

I got from MLS and verified with public record but owner is deceased

yes works that way here just hoping to have avoided  that 

Thanks Again

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