Contacting the Lender of a Pre-Foreclosure

6 Replies

Hi all,

I'm currently leasing a unit that has been in pre-foreclosure for a year now. The association has the quitclaim deed but it's still subject to the lenders foreclosure. I reached out to a Title Officer friend of mine and she gave me the name of the lender, the mortgage number, and the assignment of mortgage number.

I want to get in touch with the lender to see if they'd entertain a purchase prior to heading to the auction. Since I'm the tenant and it'd get the property off their books I'm hoping I have some advantage. 

What do I do now to get in touch with them?

I have never seen a bank sell a property that way but if it is a small community bank, give it a try.  I think it is to protect themselves from fraud, like a family member getting the property. You either have to do a short sale with the owners or wait for the auction 

The lender Can't sell you the property, as they don't own it (yet).  If they get it back at the foreclosure auction, you'll still have to wait for it to be listed....they're not going to deal with you directly.

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Citi Mortgage is the lender. Thanks for the tip on the attorney. I can ask the association for that contact although I'm not confident they'll divulge the information. 

Thank you Kim sorry just saw your response now. If I'm waiting till auction then I'm competing w other investors and have to bring a 10% down in cashiers check if not all cash. Is there any other way to find out the listings at an auction besides newspapers these days?