How Do You Forclose On A Note?

Question

I am looking to purchase my 1st note, take over and forclose to sell. Is anyone doing this, or a big headache? What are the steps to make this happen and what time frame would I be looking at from start to finish. I understand the variables but just an average time table! Any input would be helpful.

G. F. · Answer

There are many people who purchase paper as it's called. You should educate yourself before stepping into this area of real estate investing. I recommend you take a look at Dean Engle's Note Buying Profits web site. He offers about 16 hours of free content to get you started. The foreclosure timeline varies by the state and county level. Freddie Mac has come up with a time line which you can view on pages 65-78.

(pdf link) http://www.freddiemac.com/news/pdf/interventions_in_mortgage_default.pdf

Glen Scharer · Answer

Thanks G. Founder for the web link, very helpfull...

Glen Scharer · Answer

Thanks JCC, sounds like the best avenue to go on this venture...

Ryan Webber · Answer

Each state's foreclosure process is mandated by their property code.  In Texas for a homestead, it requires a 20 day letter of default to be sent to the homeowner before a notice of sale is filed at the court house.  The foreclosures in Texas are always on the first Tuesday of the month and the notice of sale has to be posted 21 days before the sale.  So you would be likely looking at 45-60 days for foreclosure.

Jason S. · Answer

Call local foreclosure trustees.  If you do not know any then look at your local foreclosure notices, look at the company listed as the trustee and then call them for pricing.  With all of the legal requirements and regulations - hand it over to a professional.

How Do You Forclose On A Note?

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