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Want to contact the Owner
How
to Buy a Foreclosure:
1. Contact the owner using one of the following methods.
See them
here
2. Try to find out how much they owe on the house (principal
amount), and how much is needed to catch them up on payments
3a. If you are getting a new loan (mortgage or bank loan), try to
offer them a little more than what they owe on the house, so they
will have some money to move to a new place. Go under contract and
fax the contract to their mortgage company so they will stop
foreclosure. Then, close the property at a local title company.
3b. Another option is to take over their payments. To do this, you
must have them deed the property to a land trust and name you as the
beneficiary (use an Attorney. should cost a couple hundred dollars).
Then, wire or mail in the amount needed to catch them up. You now
own the property but keep making payments on the mortgage that is in
their name.
4. Another option is to buy the property at the monthly courthouse
Auction. Only money orders or cashier's checks are accepted and must
be paid within a couple hours after sale if you are the high bidder. |
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