Finding The Balance Due??
2 quick questions?? Please forgive my ignorance I am new to this. 1. After finding houses that are in pre-foreclosure/foreclosure how do I find out how much money is still owed on the property?? 2. After a "Lis Pendens" is filed does the trustor still have control over the property? How about after the "Notice of Trustee's Sale"??
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1. Check the notice of default or notice of trustee's sale. In most states, the overdue amount and principal amout owing is disclosed. If it is a mortgage, the complaint should have the amounts.
2. Most states, the borrower/owner owns and controls the property. That is what foreclosure is all about, to transfer the rights from the owner to the lender or high bidder.
Larry
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=faq#rules[ Edited by JohnLocke on Date 04/18/2004 ]