Foreclosure Judgement Amounts
when the forclosures are listed in the paper with a judgement amount, how do i know how much more is owed in addition to that amount? they say to chiek the court files which i have and cant seem to find anything, i live in ill.
THANK YOU FOR ANY INFO YOU CAN PROVIDE. 
Unfortunately unless you have an authorization letter from the borrower it is a guess at best and a crap shoot otherwise.
Here in Texas, you will never know the real figure untill the trustee announces it. very frustrating.
check online for a listing at your local sherriff's site. usually they'll list the default amount and another amount next to it, which are court costs, attorney's fees, etc ... add that to the default amount and you have opening bid!
Here in Florida where I buy foreclosures, I try to reinstate the mortgage (possible in most cases) rather than buy it at auction. That way, one doesn't have to shell out as much cash nor worry about having it in exactly the right amount except to send in the reinstatement amount (obtained from the foreclosing attorney by the Defendant in my behalf) to the mortgagee. This is only possible if the Defendant in the foreclosure suit is willing to deed it to you and if there are no major subsequent mortgages, liens, etc. following. When the property has been something I really "coveted"and there was a 2nd encumbrance, I (or my attorney) would negotiate the purchase of the 2nd lien to a very diminished amount. As in the case of a Gulf front townhome's 1st mortgage foreclosing at auction for $86,000. I was at last able to locate the out-of-state owner (Defendant)& obtain a deed, paying him $2,000 for his part, then purchased a $1,800,000 2nd judgment lien for $20,000. This freed me to bypass the auction where the property would have been bid up sky-high until it would have almost reached market value. In 4 years this property has appreciated to approx. $600,000.
You purchased a 1.8mm judgement for 20k? or did you mean 180k?
I always order a property report on all poperties I am seriously considering
lori
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Lori-
Where do you order a property report?
4myhouse
Are you trying to buy property at the sale?
Rachelle
Yes you have to get authorization from the owner to get a pay off from the attorney. But getting the information from the files yes you would have to add everything up. The judgment amount, the per diem(cost per day), attorney fees, all this could be found in the case at the Daley Center on the 8th floor. Good Luck
from a title company who issues title insurance on my properties. This way I know it is done right.
Lori
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Some title companies do it for free others will charge around $50 per property report. I have also found this the best and safest way to buy foreclosures.