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"??
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 ]