Topic: Foreclosure and/or auction newbie: advice?
Foreclosure and/or auction newbie: advice?
We just went to see a house that was a total wreck, but possibly a good fit for our family in the long run. We looked up the house upon returning home (we had been given the wrong address to boot) and see the house is in forclosure and is scheduled for auction next week.
I know this is a rather broad question, but what advice if any can you share about the foreclosure process? Where is the best place to look for information? I’ve tried searching Brownstoner and am surprised that this question hasn’t come up. Do I contact a lawyer or our mortgage broker or both to find out if this is worth pursuing (we will not be able to pay all cash for the house)? Is it a no-no to call the trustee to ask for more information? Can I bring a personal check to the auction, and what amount is required in New York? Besides outstanding liens that may exist on the property, what other pit-falls should I be concerned about before delving into this process?
Any advice, or direction on who might be able to provide advice (and fast!) would be most helpful.