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Updated over 7 years ago on . Most recent reply

User Stats

36
Posts
5
Votes
James Gilpin
  • Grand Rapids, MI
5
Votes |
36
Posts

Buying After Missed Payments But Before Foreclosure

James Gilpin
  • Grand Rapids, MI
Posted
Hi All, I have done a couple of flips from vacant houses I found driving for dollars. I saw a video on YouTube of an investor buying a property for $140k which the seller states has $120k owed and missed two payments. The investor claims the property to be market value at $185k. My question would be, how do I go about finding sellers who have missed payments who are motivated but have not yet been foreclosed? I am struggling with understanding what/how lis pendens or notice of defaults work and the steps of making deals that are not in auctions? If anyone has insight or a direction for me to learn I'd be very grateful. Thanks! P.s. Michigan laws.

Most Popular Reply

User Stats

7
Posts
4
Votes
Hong Tran
  • Investor & Real Estate Agent
  • N. Dallas, TX
4
Votes |
7
Posts
Hong Tran
  • Investor & Real Estate Agent
  • N. Dallas, TX
Replied

Do a Google search "Pre-NOD" and you will find several sources for 30/60/90 late mortgage leads. The lists are fairly inexpensive and can customized your list criteria to zone in on any specific area (i.e. zip code). Good luck!

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