How do I foreclose when I become the mortgager assigned w/note?

Question

Need some guidance/advice!  I am in negotiation with the attorney who is processing the foreclosure of a property I would like to purchase for rehab.  I have the option to be assigned the note and become the mortgagor, which would then give me opportunity to take control of the foreclosure process.  There are no occupants to evict.  The investor/owner, who was going to flip as investment but now is not,  is an out-of-state investor, and wanted to sell it anyway.  Technically it's abandoned, so I could get the right of redemption reduced as well.

My question is how does one foreclose? What are the benefits/risks of foreclosing?  I'm told it's tricky, but it can be done and I'd like to learn.  What do I need to know going into this?  Also, I am very interested in the tax benefits this could provide.  My other option is to let it go to sheriff's sale and if they are the highest bidder, they will deed it to me with sheriff's deed, which I know is a lot safer/easier for me.  But I'd still like to know my options.  Thank you for your response!!

Account Closed · Answer

If you can get a a good discount on the note compared to debts and liens on property it might be the way to to  I would get a bpo on the property,run a title search for liens. You might not even have to foreclose but have the owner give you a deed in lieu  for the home. Michigan is a non-judicial state so the foreclosure process might not be too bad Consult with an attorney  Good luck!

Christopher Winkler · Answer

We find all of our foreclosure attorneys at legalleague100.com, look under members tab by state. Let them do all the work for you and they will get it to sale. Some counties require you to set an opening bid, others let a county appraiser set it.

Then the day of the sale, either no one will bid, and its yours, or someone will bid higher than you, then its theirs, and you are paid off. As Steven says, a O&E report will reveal any other liens on the property and you can get those from Protitleusa.com. Good luck and let us know how it goes!