Properties Going Into Foreclosure?

Q: Would anyone offer any words of advice on how to keep track of Foreclosure Proceedings? I know there are tons of online services that offer listings of foreclosed properties, but what interests me is purchasing the owner's right to the property before it is foreclosed. Do you know, do these services (and if so, which ones?) offer lists of properties going into foreclosure? I am in Hennepin County, Minnesota, and just finding an interest here. All responses appreciated, flames excepted.

A: When a borrower doesn't make a payment on his mortgage for two months in a row, it usually triggers the default clause in the mortgage note. It is then up to the lender to decide whether to begin the legal process of foreclosing on the property. When that process is started here in New York, a "Lis Pendens" is filed in the county clerk's office. This is a public notice to all that a foreclosure proceeding has been started against the mortgagor (the borrower). Now there are companies out there that research the county clerk's office on a weekly basis to compile lists of lis pendens filed and then they sell them to subscribers. You can buy these lists or, if you have the time & energy, go to the county clerk's office yourself. What I do, and I think this is what you're looking to do, is write a short and friendly letter to the mortgagor(s) empathizing with their situation, and simply asking them if they would be interested in selling their property and avoiding the foreclosure action. It's somewhat of a longshot, but hey, you might get lucky. Call around and ask attorneys, title companies, or mortgage brokers in your area if they know of such a research service.

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