Forum

How to check if the Home is in Foreclosure although we are in the process of a Short Sale

Posted by Donna Paul on April 7, 2010 at 10:06am in Short Sale Discussions

Hello:

 

Just a question, I have a buyer and he decided to do a short sale on his property. It was with another realtor but they didn't complete the SHORT SALE process, so I want to check if the property is in Foreclosure now since it's been in default for a long period of time. 

 

 

 

Thanks for your feedback on this one....

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Donna Paul April 17, 2010 at 11:41am
    Thanks Alan: I am working with the Administrator on this and they really don;t have enough information, so I have to do some research on what's next. The homes doesn't have an equity in it, since the family has other assest they that they are trying to protect while completing the Short Sale. I'll let you know what happens with the administration and the home.

    Alan Remigio said:
    Donna, I am not an attorney.However, I have experience here. If this is an estate situation, you need to identify the person administrating the estate. The attorney will give you that info if there was a will, etc. It may not be the attorney. Get a 3rd party auth from the administrator, and submit with the court stamped or notarized document that gives the administrator, trustee, executor, etc. the power to take the estate through probate. You have a great advantage or disadvantage if you are not careful. In both the person that is legally bound to the mortgage is no longer around. If there is equity in the home there is value for the decedent's heirs to pursue.
    Frankly, speaking, if there is no value, the administrator must decide on the course of action, especially if there is a chance for attachment of assets to satisfy the balance. I don't know the specifics of your state. Usually, when a property is under water during probate, the best course of action is usually to let it slip into foreclosure or do a DIL. If there is good equity value, this is not a short sale and you have options. Good luck!
  • Alan Remigio April 16, 2010 at 2:48am
    Donna, I am not an attorney.However, I have experience here. If this is an estate situation, you need to identify the person administrating the estate. The attorney will give you that info if there was a will, etc. It may not be the attorney. Get a 3rd party auth from the administrator, and submit with the court stamped or notarized document that gives the administrator, trustee, executor, etc. the power to take the estate through probate. You have a great advantage or disadvantage if you are not careful. In both the person that is legally bound to the mortgage is no longer around. If there is equity in the home there is value for the decedent's heirs to pursue.
    Frankly, speaking, if there is no value, the administrator must decide on the course of action, especially if there is a chance for attachment of assets to satisfy the balance. I don't know the specifics of your state. Usually, when a property is under water during probate, the best course of action is usually to let it slip into foreclosure or do a DIL. If there is good equity value, this is not a short sale and you have options. Good luck!
  • Alan Remigio April 16, 2010 at 2:32am
    Get a 3rd party authorization from the Seller and call the lender. That's the short answer. We send in an offer regardless and. usually get a good response. I don't know what state you are in, but access to sheriff's sales is usually available since it is public record. So if it was foreclosed on, you'll see it there.
  • Donna Paul April 16, 2010 at 1:53am
    thanks Juan... This is an Estate sale and the family members doesn't have any record of hte lender.. so we have to keep searching


    Pamela.. I'll make sure to look into that site....

    Len: that's a great idea.. I'll make sure to follow up on it.... Thanks for your help on this one....
  • Len McGuirk April 15, 2010 at 8:03pm
    Donna,

    In many states, the Notice of Default (NOD) is recorded on title once the loan has been delinquent for a certain period of time. Once the NOD is filed, the home is technically in foreclosure and has a timeline on the legal foreclosure process, depending on the state. If the lender elects to foreclose on the property, they will typically record a Trustee Sale Notice on the title of the property. This will be the notice stating the scheduled foreclosure date.

    In order to check these recordings on title, you can easily check with your County's Recorder's Office online or in person. Here in Nevada, they must legally record these notices before foreclosure. So it is public record. Hope this helps. Good luck.
  • Juan Reyes April 7, 2010 at 3:44pm
    Call the lender and ask them if the home is in foreclosure. They'll have all that on the file notes. If it is in foreclosure, ask them if they are still willing to consider a short sale. Most lender will give you the chance to put the home on the market to try and get an offer if the foreclosure sale has not taken place yet.

    However, if the home has already gone into foreclosure, meaning that the foreclosure sale has already taken place, then most likely you won't be able to save it, unless your State has a right of redemption.
This reply was deleted.
********************************** like buttons ************************