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Updated almost 16 years ago on . Most recent reply

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11
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Suzanne H.
  • Onancock, VA
0
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11
Posts

I need to foreclose on a house

Suzanne H.
  • Onancock, VA
Posted

I just posted this to a group, but I think this post should be here also.

I'm holding a note that is extremely overdue (10 1/2 mos!). The collateral is a house in Suffolk (upscale, waterfront community). My research on the internet tells me that I can do a non-judicial foreclosure, but whenever I try to get more info, I'm told that I must have a lawyer do it.
Has anyone done a foreclosure like this? The note is very clear and makes it seem like the foreclosure should be fairly simple.

Also, when getting the foreclosure completed, would a public auction (not a tax auction) bring in more $, rather than a straight sale? Has anyone been involved with an auction company?

Any advice is appreciated.
Thanks

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