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Aquiring property pre-foreclosure
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ihmanky
Posted 9/18/2020 11:10 (#8502485)
Subject: Aquiring property pre-foreclosure



KY

Hoping to be able to ask this in a way that make sense.  There's a piece of property I'd like to have, that the current owner inherited a few years back.  Through mutual relations (in-laws/outlaws, etc.), I am aware that they mortgaged the place 2 years later.  Through those same channels, I discovered that they're behind in their payments (no idea of how far, but don't expect it to be more than a couple months at this time).  If the process plays out, and it winds up in a foreclosure sale some time from now, I know someone who would probably give more than it is worth due to it being adjacent to them.  Through public records, I have the bank name and loan number and value, and I also see that's it's a variable interest rate 20 year note that is 2 years old. (None of the rate info is on the records, but I assume it's not great given the history.)  The owner and I aren't the best of friends, and an offer from me at this point is going to be turned away no matter the value.  Do people contact the bank in these cases and inquire about what state that loan is in and offer to make a purchase, or do you let it play out and see what happens?  I have heard situations of where people have bought property directly from the lender for balance owed.  In this case, balance owed is probably very close to balance borrowed, considering only two years have passed, frontloaded interest, and lack of making all payments.  I am assuming just for my preparations that balance owed is balance borrowed, which is approx. 80% of last appraised value.  This is not a big or expensive property.  

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