Pre Forclosure Question

[Guido Bertoli]

Hey Guys,

I'm still new and looking into how I get access to some great deals. I've been listening to the podcasts and reading a lot. I found out that a lot of investors are using preforclosures to get good deals. I found a website that lists preforclosures in my area that seem like a good deal, but because I'm new I thought I'd ask some questions regarding the information I see.

I see it lists the Trustee's address, phone number, loan amount, delinquency date, etc. It has the delinquency date at 7/11/2017.  This is listed as Preforclosure just to make it clear.

Does this mean that is when the Notice of Default was sent out?

It also says that the loan amount in about 300k and has an assessed value of 550k and they are only delinquent 21k.

How does this work? Would I (me or some creative finance) potentially pay 21k to bring this property up to current. Then would we continue to make the current payments or do I need to pay off the 300k?

Any thoughts?