Buying Before Foreclosure

[Monica Vasquez]

Foreclosure has a set date filed by previous Lender. We are buying this Note before it goes to foreclosure. Does the date still stand, or as new owners do we start the foreclosure process again? 

[Bob Reinhard]

From the facts this is not easy to answer.

Usually a lender does not set a foreclosure date but rather, the courts or the authorities. How was the foreclosure date set?

Second, who are the new owners? And of what? If you have not purchased anything yet, you own nothing.

Third, what does your attorney say? Or are you doing potential Note purchase with its ramifications, if any, without benefit of any legal advice?

Much success.

Bob