Your Questions About Foreclosures Long Island
December 3, 2011 · Print This Article
Richard asks…
How can you locate pre-foreclosures and potential short sales?
I am interested in buying a first home on the South Shore of Long Island. How do you get information on properties that are underwater where your buying may really help the seller already in trouble and at the same time pick up a decent livable property?
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 70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
 PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
 Real Estate Investors Complete Turn key US $5,000.00 |
 10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
The only way I know of is to beat the streets. Find a desirable neighborhood and then talk to the neighbors. Neighbors can offer a wealth of information about such situations that are getting tense for homeowners in trouble. I believe your strategy is smart, but to get the deal of the century you are going to need to get your ducks in a row even before you go out investigating to secure a loan that can close quick because the property you eventually find will be had because the sale can happen right away. Good Luck.
You could also speak to a few more established Realtors and mortgage brokers in your area that have had lots of clients and would know if any of their past clients are in trouble.
Carol asks…
How long does foreclosure take from the day I stop making payments?
I've heard rhode island is pretty quick. we cant afford o pay and the mortgage company refuses to pay. How long do we have before we have to be out of the house?
mortgage company wont "help" not "pay"------sorry typo
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70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
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Real Estate Investors Complete Turn key US $5,000.00 |
10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
The lender must mail a written notice of the time and place of sale, by certified mail, return receipt requested, to the borrower at his or her last known address, at least twenty (20) days prior to the first publication, including the day of mailing in the computation.
The lender must give notice of the sale by publication in some public newspaper at least once a week for three (3) successive weeks before the sale, with the first publication of the notice being at least twenty-one (21) days before the day of sale, including the day of the first publication in the computation.
Said notice must contain the names of the borrower and lender, the mortgage date, the amount due, a description of the premises and the time and place of sale.
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
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