Talking To The Bank
Can you contact the bank on a preforclosure without haveing to contact the home owner?
I imagine that one would just walk into the bank and say. Hey I know this property is in forclosure. I am willing to buy it at this price.
By doing this is there any legal problems that would incure? This would most likely be used on a very desirable property where the home owner just thinks the forclosure will go away.
Thanks is advance for your replies.
No, you can not walk into the bank, you must have an authorization form signed my the homeowner agreeing to let you access his personal home loan information.
If you are well capitalized, you might be able to purchase the mortgage via an assignment. By stepping into the mortgagee's shoes, you could complete the foreclosure and possibly end up with the house.... sionce this is a 'paper' transaction, you would not need the homeowner's permission to approach the bank....
[addsig]