Long preforeclosure (incentive, auction, investment, mortgage)

[manekeniko]

I'm interested in buying a house in a different city that's been in preforeclosure for almost a year. Does this indicate the owner still occupies the home? How can a home stay stuck in preforeclosure for so long?

Any advice on moving forward?

[LieslMet]

//www.city-data.com/forum/forec...re-mean-5.html

See my post on this page from 2.5 years ago.

We have been in pre-foreclosure for 6 years and are still here... and still no word on a sale or us leaving. We simply get monthly statements from three different lenders/servicers (they've changed several times and cannot decide which will do it) with the past-due balance.

Unless you're willing to pay *at least* tens of thousands of dollars over the total amount of the mortgage owed - and you'd have to go to them directly - no homeowner in pre-foreclosure is going to sell to you. They're in a house, housing-payment free... why would they leave before they had to and pay rent somewhere else, without an incredible incentive?

[elliotja]

it takes hella of a long time for the bank to finalize & foreclose on someone before it goes to auction- in NYC can take 10+ years sometimes- if the owner knows what hes doing & how to rig the system...

Even in jersey ive done & bought quite a few short sale on houses that have been empty & in preforeclsoure for 6/7+ years before they hit the auction block...

TO answer your question- it can always be in preforeclosure- doesn't mean he lives there- it could've been NON owner occupied since day one & was an investment house for him- Only way in finding out if it is owner occupied is by doing a lot of research & detective work!

Good Luck!

[elliotja]

hey- you should start harrasing the bank for a loan modification- you can buy alot more time like that! theres alot of tricks you can play!