Updated about 3 years ago on . Most recent reply
Auction Property Help!
Hello,
I'm analyzing this property up for auction and see that it is being auctioned off by Reverse Mortgage Solutions Inc. I also see that a new mortgage assignment was recorded on the home by Cascade Funding Mortgage in May of this year. Who owns the rights to the home and if I purchased it would I have any trouble with Cascade Funding Mortgage?
Thank you!
Savannah
Most Popular Reply
Hi Joe - thanks for the insight. I have yet to successfully purchase at auction and when I've contacted the seller pre-foreclosure (in CA), they've usually informed me that they'll proceed to auction. I know in theory seller can sell at any time prior to the auction, but practically, is there a point in time when it becomes "too late" and they'd rather go to auction? e.g., is it better to contact immediately after the NOD is filed rather than wait?
What's the process like when putting a deal together pre-foreclosure? Do you engage an RE lawyer instead of agent to draft the agreement? Thanks!