Melissa,
There might be quite a few things to look at in this particular situation. I personally have bought many foreclosures. However, in your situation it sounds as though the house is not quite foreclosed on yet, but perhaps in a state of default. If this is the case you might be trying to attempt a short sale with the mortgage company. You could start at the counties recorders office in your area, but my recommendation to you, if you are really interested in this house, is to contact a title company in your area and have them prepare a profile report on the desired property. This report will give you a good starting point with lenders info and surrounding homeowner鈥檚 info. (Sometimes these title companies might have a website with free access to it, I use Chicago title).
However, the real important question you need to find an answer to is, why this house is going into foreclosure. If the house was just bought within the past year, it might have been that it was over paid for (this happened a lot in many areas). If the owner fell behind on payments and couldn't refinance, why were they not able to (if appraisal didn't support loan amount payoff). If the answers to these questions are that their is more owed than what it is worth, then wait till the lender takes it back at auction, and put a considerable offer on it then. (You would be surprised how low you can purchase bank owned homes that are on the market (70%-75% below market value)).
If you really believe this house is worth it, start with a title company. They can get you contact information. If you have not done many foreclosure, pre-foreclosure, or short sales, I might suggest you find a Realtor that specializes in these kinds of purchases, and is willing to help you out.
Lastly, if the property is not fully foreclosed on, you will need to find the owner of the mortgage being foreclosed, and get their permission to work with the bank directly. Otherwise, wait till the bank takes it back and move in then.
Also, if there are other homes in the area that are similar to this one you like, go visit them with your Realtor, and propose a deal with them (let them understand that in a short time the foreclosure down the street is going t bring the comps down in the neighborhood, and this is their chance to get a sale before that happens). Leverage that foreclosure with the rest of the neighborhood.....somebody will bite.
Happy HuntingHow can I find out which mortgage company has the lien on a property?
A deed of trust would have been recorded with your county. Many counties have an online recorder's office which has PDF archives...try googling it. If not, go to the recorders office in person and request it.
If that doesn't work, order a title report thru a local title company-- they may or may not charge you for this service. It shows outstanding liens.
If there is a foreclosure then there will be a lawyer or trustee handling the process. They will have a complete file on the property and the action.
If you want to buy a property that is in foreclosure the prior owner is still the owner. Being able to find and contact them is another story. The foreclosure process does not require that contact be made so the lender might not have a way to contract the owner.
Some people have good luck using a skip trace service. Think of a private investigator who is good at finding people who have gone missing. Mostly done online these days but they will use fee based services or other sources that are not generally open to the public.
Contact a title company to find the information you need. The can run what is called a clear title search and will give all the information about the lien. Then you can contact the bank to get any of your questions answered. The title company may charge $150.
If the property is listed on the MLS, a realtor can do a tax search on the property and find out whos name is on it. If you have a realtor friend that would be the most cost effective way
I just saw you are in Indiana. Shoot me a email of the address and I can send the tax record off MIBOR to you, hopefully it will have your answers. Shaneshomes@yahoo.com
What state? Just curious? The ownership might be on the counties website, depending on the state. You can call the county and they will often provide the information. You might need to go to the county offices at most.
Freedom of Information Act, public records. Either your local town clerk's office, or the tax receiver's office. Someone is still paying taxes on the property, and either avenue will get you thie information you need.
You need to work with a professional real estate agent and a lawyer. They will do a title search for you and find out if there is a lien or if there is any suspicion of property fraud.
In some states and counties you can get it off the county auditors websites on a property search.
Find a title company in your area and they should be able to help .
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