Foreclosure 101

7 Replies

Firstly I'm new... So please bare with me--I'm still learning. A couple weeks ago I noticed my neighbors were suddenly gone, but occasionally they'd come back to collect certain items but never over night. I looked a few days ago at a foreclosure list in my area and discovered that the house was listed. A quick check online on the local tax office showed 30.5K in owed taxes and fees. Shortly after my neighbor revealed that they intended to sale. Now my question is after a home is in pre-foreclosure is there any way to determine if the foreclosure is due to a bank or taxes? I want to potentially put it under contract for a wholesale if I can get it for the cost of the taxes. The home is worth 81k (via tax assessor) and 79k zillow estimate. I am primarily interested in wholesaling, but I'm sketchy on estimates does this sound like a good deal?

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Calling your local tax authority and asking them if it's scheduled for a tax foreclosure will tell you if you don't know how to look it up. You need to learn how to look up the mortgages and liens on the property, whether or not the bank is foreclosing, as you have to know what is owed on the property. If there was a ton of equity, most people would just sell it instead of just walking away, but not always.

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I believe that NY is a judicial foreclosure state. So when the foreclosure notices are published, they should also show the case number of the foreclosure lawsuit. Research on that case number at the courthouse (in person or online) should get you the info you are seeking here.

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