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BUYING A FORECLOSED HOUSE

In this segment I would like to focus on how one can go about buying a foreclosed house. There are several stages at which this can happen; pre-foreclosure, foreclosure and post-foreclosure (also referred to as “REO”). These different stages offer differing opportunities and procedures. If the house is listed as “pre-foreclosure,” that means that the homeowner has received a Notice of Default and that the bank is getting ready to foreclose. You can contact the homeowner directly, if not already represented

THE FORECLOSURE PROCESS

In this segment, I will discuss the mortgage foreclosure process as a follow-up to an earlier overview concerning your available options when facing a foreclosure. I am focusing on the process in New Jersey, but most of these procedures are the same in New York. The initial step taken by the lender is to notify you regarding the approaching 90 day default time limit. Such notice typically arrives once you have missed at least two months of mortgage payments. The mortgage