The Newspaper Is A Place To Find Orlando Bank Foreclosures
The newspaper is one place that you can find Orlando bank foreclosures
. When reading the paper and looking for distressed or low cost homes there are several things that you should keep in mind so you know which part of the foreclosure process the home is currently in.
When you look in the paper for foreclosed homes it is important to understand which stage the foreclosure is in. This will help you plan on making any offers to the bank or showing up at an auction to make a purchase. It isnt always the best idea to contact a borrower directly during the first stage of a foreclosure because they still have the opportunity to get caught up on their payments and save their home.
The first notification of a borrower that has missed a payment is known as the notice of default. This notice is printed inside of the newspapers public notice section of the classified ads. This notification is an announcement that a borrower has missed two or three payments on their mortgage and the bank is starting the foreclosure process. This notification is required of the bank and for many borrowers it is very embarrassing when they see this ad. As a buyer, you should know that the borrower still has an opportunity to get caught up with their payments and save their home from being sold at an auction. This is a stage that you may want to take note that the borrower has defaulted but it is not a stage where you can or should act on it by offering to buy the house.
The other notification of Orlando bank foreclosures that is printed in the local newspapers public notice section is the intent to sell. The intent to sell is an ad that is required by law for the banks to announce for the borrowers sake and for the bank. This notice simply states that the borrower has done absolutely nothing to save their home or get caught up on their payments. At this stage of the foreclosure process, the bank is asking the county courthouse to sell the home in an auction. This notification will be a date and time of the set auction, the location of the auction, and possibly how much the home will be auctioned for.