Im,
The laws and rules concerning real estate are different for every state and even different for some cities. You need either a real estate broker, or even a lawyer familiar with things in your area. I can tell you how it generally works in my area, but it could be totally wrong for your area.
But realize this: Almost anywhere, the conditions involving foreclosure are completely different. The owner has many rights, and the entity doing the foreclosure has to be sure those rights are considered. You can hang a lot of money out for a good while during the legal process.
>To contact the plaintiff of the foreclosure should i go to the foreclosed residence,send a post card, give them a call.(any advice on what to say and such would be SUPenis EnlargementR)<
Depending on the status of the foreclosure, you might contact the defendant, and cut the foreclosure short. IOW, if the person is going to loose the property anyway, you might be able to simply buy the property, hopfully at a discount, let them pay it off (through a title company), and come out smelling like roses. Be sure you will receive the deed before you sign anything. You do not want to pay a price, and then find out there are encumbrances from the previous note and deed of trust. To be sure you are transferred full ownership, use a title company.
After all, the plaintiff is not going to get any more than what he is owed, except for legal fees. Everyone can win if you simply buy the property before the process is complete, and a bunch of legal fees have accumulated.
>Plus also in the lis pendens it states "The premises shall be sold with reserve." Does this mean if i contact the owner of the condo(plaintiff)and offer him/her CASH to stop them for foreclosing(the lien amount plus taxes and such) and maybe a litte extra(good idea?)<
Nope, the plaintiff has NO rights to the property, to sell the property, until the foreclosure is complete. He cannot sell it to anyone else, until the rights of the defendant have had due process. Any contract made when he does not have all the rights to the property would be void. But you can buy the property from the defendant, probably almost to the day the title is transferred back to the plaintiff.
Another thing: Unless the original documents forbid it, you might be able to buy the property from the defendant, the deed of trust, make up the back payments, and continue on with the current note. Also, some areas allow you to make a wrap-around note, where you make a note which purchases the defendants note.
>it has to be a certain amount of money or is a reserved price. Now if this is a condo they could just sign over theyre ownership to me right?<
The defendant could, but not the plaintiff. The plaintiff could only sign over his note to you, not the property. But then, you would be the one going against the defendant. You do not want that. Or, if it is a tax problem, you can pay the back taxes, and have some recourse against the defendant, but not ownership.
You either want the deed, by buying the property outright, or a deed of trust, with a note.
>Also what forms and contracts and such does the plaintiff(person foreclosing) have to sign and such for the property to be mine.Please i need help and feel insecure about my next steps. <
Nothing. He cannot sign over the property to you, until he has regained full ownership, when the foreclosure process is complete. And you should be sure it is complete. There are no gray areas in real estate ownership. It is black and white. If you want to get in quickly, you should only deal with the person that currently owns the property, has a deed of trust, not the person that owns the note.
Much of this depends on what stage the foreclosure is in.
Remember, your milage may vary. I know nothing of the laws in NY.
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