I received another call today about one of those scam "pay to see foreclosure" websites. I have cautioned against this before. The "unbelievably" priced home was a foreclosure but it was already sold at auction several months ago. Don not be scammed by these "pay to see Charlotte Foreclosures"! Here is how the foreclosure process works.
When the seller does not pay the debts of Charlotte home, the mortgage holder files paper work to begin the foreclosure process. It is required by law that whenever papers are filed, the documents must be made PUBLIC. Each county has a different method. Some counties only post the foreclosures on the courthouse bulletin board while others post them in the paper. For our example I will look at Charlotte and Mecklenburg County.
When ever foreclosure paperwork is filed for Charlotte Foreclosures, it is published in the Mecklenburg Times. This paper is published twice a week. May of the listings will never go to foreclosure because the owners work out the difficulty with the lender. If the Charlotte Homes go to foreclosure, then what can you expect?
You can actually attend the auctions at the courthouse. There are only a handful scheduled in a day so if you are going to really follow this process you need to spend a lot of time at the courthouse. The amount stated in the foreclosure is not necessarily all of the money owed. You may be legally obligated to pay any additional debt. This will occur if there are any senior liens that already exist. For example if a home owner takes out a home equity line or a second mortgage, these are junior liens to the first mortgage. If the home equity line forecloses for $100,000 you may think you have a great deal only then to find that you also "assumed" or have now taken ownership of the first mortgage. Then what?
There is then a "Right of Rescission". This means the owner that was in default can come back and reclaim the house. This does not happen often but be very careful not to pay any additional money into the home until the "Right of Recession" have expired. It is also possible that another investor places an upset bid on your home. This means that now you must continue bidding to assure you have our home. What about the owner?
If the owner is still in the house you can either bribe him out or just get the police involved. Keep in mind that he thinks you just stole his homes form him (even though he is not paying). There is a good chance that the homes will be in disrepair but you will not know the true condition until you actually take possession.
What happens if the debt exceeds the risk necessary for profit? Frequently the lenders simply purchase the property (cut their losses). The bank then clears the title, checks for liens and lists the home with a Charlotte Realtor. That is why you should call me today at 704.770.6559.
I was an investor then turned Realtor. Charlotte Real Estate will rebound stronger than ever. If you are looking for an opportunity, purchase Charlotte Bank Owned Property. Call Rick Waite today at 704.770.6559.