$242,165 EMV


3 Baths   1,270 Sq. Ft.   Single-Family

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Patton Dr,
Woodridge, IL 60517

Status: Active
Listing ID: 55199021

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03/13/20
Lis Pendens
If a homeowner misses one or more mortgage payments in states that follow judicial foreclosure actions a lender will file this formal notice with the local courthouse. The term is also used to describe mortgage-related complaints, which allow third parties to know that there is a pending legal action that affects the property. Approaching a homeowner at this stage of default represents a tremendous opportunity to make money in the real estate market because he or she is motivated to sell before potentially losing the house to foreclosure. It is important to do your research to determine what type of litigation the lis pendens relates to before approaching a property owner. A lis pendens is also filed when there is some other legal claim being made against a particular property, such as lien claims by contractors, divorce cases, and fines and penalties assessed by homeowner associations.

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Preforeclosure

Often, the preforeclosure period is the best time to purchase a property. The process begins when a lender first notifies a borrower that his or her loan payments are behind. If a borrower has no other means to bring the payments up to date, he or she is far better served to sell the property as soon as possible before it falls into foreclosure.

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First Steps to Buying a Preforeclosure

Preforeclosure status means the owner of the property has defaulted on his mortgage obligation and the lender is taking steps to foreclose on the loan and take possession of the property. This situation places the property owner and the lender in a disadvantaged position. But it may not be too late for the property owner to work things out with his lender.  At the same time the lender may be interested in allowing a short sale (sale of the property for less than the amount owed) just to avoid the costly process of foreclosure on the loan, and then the expense of marketing the property. That leaves open the opportunity for a real estate investor to come in and solve the problem for both parties.

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Woodridge, IL
Home Inspectors

Fletcher-Broucek Home Inspection Services
Frank Fletcher-Broucek
630-337-9405
SURECHEK Home Inspection Services
John Reiss
630-430-6363
MidWest Inspections
Jeffrey M. Robbins
847-532-4230
foreclosure.com

Patton Dr
Woodridge, IL 60517

3 Baths   1,270 sq. ft.   Single-Family

$242,165 EMV

Status: Active Listing ID: 55199021

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Listing URL

https://www.foreclosure.com/listing/address.html?address=Patton-Dr-Woodridge-IL-60517/55199021_lid

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