I watched a seminar about foreclosure and here are some of my notes:

–        Foreclosure is takings away someone’s rights to their property

–        Every party with a financial interest in the property must be sent a foreclosure notice. By certified mail to the last recorded address.

–        If the address is wrong than they may never get notified of the pending foreclosure.

–        Every notice has a deadline. If not responded to by date then foreclosure is executed.

–        Mortgage means you have more than one owner i.e. owner/loaner of money for house

–        1/50 homes being foreclosed don’t have mortgage because those that do, then the lender becomes involved to get property so their loan to the property owner isn’t lost.

–        Homes with mortgages are often taken over by the bank and they pay taxes taxes to keep possession of the property

–        Time of possible foreclosure ranges from 30-90 days to pay taxes to a county

–        Quiet title action: a legal proceeding to establish an individual’s right to ownership of real property against one or more adverse claimants.

–        Warranty deed: is a type of deed that has a warrant that protects it from any liens.

–        When purchase a home need to get title insurance. Make sure that the property is free and clear from other financial obligations, but if something is wrong the insurance will pay for it.

–        If buy a tax deed you can resell it but can’t sell it to someone who wants to use it as collateral for a loan. You will want to go through a quiet title process to obtain an insurance title or a warranty deed.

–        Zillow.com can give you a satellite view of a property when you provide the address.

I hope I took notes properly. I’m new at this and tried to take notes as quickly as possible. Any you see any need of corrections or want to add info, please feel free to do so in the comment section of this blog.