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11 Key Details On A Foreclosure Notice To Understand
If you are ready to move onto a more advanced level of real estate acquisition, foreclosure properties could be on your horizon.
Suddenly, you might realize that foreclosure notices seem to appear everywhere… all the time…
It’s just that you have never taken notice of them!
But before you rub your hands in glee when coming across the next foreclosure notice of default, here are 11 key items on it which you need to pick up.
1) Case number
Sometimes this is also stated as the reference number.
This enables you to easily search for it again.
Lawyers will inevitably ask you for the case number when you give them a call.
If you don’t have this, they might not be able to help you if their have too many cases to handle chucked in the file cabinets.
This means that you also need to note down the details of the…
It would be unusual for the attorney representing the mortgage company to leave out their contact information from the foreclosure notice.
As lawyers mean serious business, they always leave the name of the firm, the lawyer’s name, address, contact details, etc.
It’s a formal document after all.
3) Insertion date
This is the date when the notice was served or published.
If for one reason or another, the insertion date cannot be found on the notice, then write down the date of the media published.
For example, the date of the newspaper.
A mortgagor is typically a legal term used to describe the borrower of the loan.
This is usually, but not exclusively, the name of the homeowners a house belongs to.
Sometimes, people other than the homeowners can be the mortgagor.
This can sometimes happen when the homeowners are unable to obtain a mortgage due to credit or financial issues. And they get creditworthy guarantors involved to help them borrow the loan.
This is one example of how mortgagors can sometimes turn out not to be the homeowners.
The lender foreclosing on the property.
It helps to know who you are dealing with.
6) Mortgage owed
This states exactly what amount of money is owed to the lender or bank.
The interest rate should also be mentioned right after the amount is stated.
A point to note is that this information is associated with the first mortgage.
In certain cases, there would be more than one mortgage or more loans on the books.
7) Mortgage sale date
This is a date that refers to the day that the attorney forecast that the mortgage would be auctioned off.
However, it’s not uncommon for this date to change or be amended.
8) Liber and page number
This informs you where the mortgage documentation can be found.
You need this information so that you know where to go when you need to learn more in-depth details of the property in question.
Knowing which county the property is located in will allow you to work out which county’s Register of Deeds office when more research work is required.
You can find key data like the address, title information and mortgage details.
10) Legal description
This contains the legal lot, subdivision, and city of the property.
In legal speak, this is the legal description of the house in question.
It can be useful when you have trouble finding out where exactly the property is located.
11) Redemption period
If the local law requires a redemption period for the homeowner, it would also be mentioned.
This will help you determine the timeline of when you would be safe and in the clear.
Picking the details of a foreclosure notice is critical for buyers looking to grab a deal. Because when things get serious, you don’t want any lack of information to compromise your ability to analyze and decide on a deal.
So do take note of the above listed details if you are eyeing foreclosure properties.