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.
Classification Id: Notice of Trustee Sale
Classification Desc: This announcement, which is made available to the public by law, describes the date, time and other details of a trustees sale. Finding out about these auctions first will give you more time to research potential bargains and help you get the jump on other investors.
Preforeclosure begins when a lender first notifies a borrower that his or her loan payments are behind. This
notification also details the consequences that occur if payments, penalties and interest are not brought current.
In most cases, a foreclosure severely limits a borrowers future credit options. Therefore, 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 rather than to
let it go into foreclosure.
If you're interested in the property, contact the borrower/owner as soon as possible. For your convenience, this contact information is located under the property's "Foreclosure Information" header.
Carefully explain that you can help him or her avoid foreclosure by purchasing their home before it is lost to the lender.
Your timely assistance can be very important. But, be sensitive to the difficulties they are facing and be prepared to close quickly.