I have seen foreclosures, listed at 50% of maket value and I have seen them listed at 125% of market value. dont mater what their asking, what is it worth to you... offer that amount.   

To Add a bit of info here,I would suggest an fha 203k rehab loan in a 2 to 4 unit property that is either an estate sale, rundown, damaged or a foreclosure in an affordable Chicago neighborhood outside of Lakeview or Lincoln Park.

At what point to lenders realistically start the foreclosure process?

If not, was there a special servicing agreement between the sources to allocate which source was paid first- or in a worse case scenerio how funds were to be dispersed in, say a foreclosure?

I recently bought a foreclosure house.

It's just to the left of a foreclosure though and will pretty much destroy your credit for a few years.  

My house was a 1974-built foreclosure that reeked of smoke, but had nice cabinets and granite countertops.

@John Arendsen, when the owner occupant stops paying the note do you have to go trough a foreclosure process?

Makes sense that a settlement with the "owner" is unlikely at this stage.I will check with the county clerk to get more information.Is there any truth that the only money owed after a foreclosure are delinquent property and IRS taxes as well as smaller water sewer bills?  

please delete multiple posts on accident