Foreclosures of the Week
It looks like the most recent owners stretched too far when they used 95% financing to purchase this charming 4-story brick townhouse at 614 Lafayette Avenue in Bedford Stuyvesant. Now there’s a lien of $701,233 against the property and it will be up for auction on Thursday. The house on the right, 819 East 35th…
It looks like the most recent owners stretched too far when they used 95% financing to purchase this charming 4-story brick townhouse at 614 Lafayette Avenue in Bedford Stuyvesant. Now there’s a lien of $701,233 against the property and it will be up for auction on Thursday. The house on the right, 819 East 35th Street in Flatbush, is remarkable because of the small lien; with only $136,158 owed to the bank and the house easily worth a half million bucks, you’d think that foreclosure could have been averted. Both houses go on the block tomorrow at 3 pm at 360 Adams Street, Room 261.
614 Lafayette Avenue [Property Shark] GMAP
819 East 35th Street [Property Shark] GMAP
In New York, a judicial foreclosure state, the lienholder doesn’t control the property until after the auction. If it is not sold to a 3rd party at the auction then it goes back to the lienholder. If the bank is the lienholder and takes possession after the auction, the property is known as “REO” or real estate owned. The property owner has the ability to sell the property or pay down the lien up until the moment of the auction.
Try tracking some properties in Lis Pendens. You will see that alot of them disappear between Lis Pendens and actual auction because the owner was able to work out some kind of deal prior to the auction. (Although this may be a little more difficult for private investors to accomplish now thanks to the Home Equity Theft Prevention Act, effective Feb., 2007…but that’s a different conversation)
ok I just went to pshark.
The stage is called Lis Pendens and psahrk tracks these.
google for more info
It’s too late at that stage.
I think Pshark tracks the state before foreclosure which, if it did, you could then do what you propose. You would have to check the pshark website though
If it’s going to auction, it’s already in foreclosure, so the bank controls it. Don’t know about private negotiations with the bank, but my guess is no, since the bank wants as much dough as it can get, which I imagine would come from an auction in this kind of market.
If anyone knows the answer, I would appreciate your thoughts- once I home goes into foreclosure, can it still be sold in a private sale by the owners. Hypothetically if I wanted to buy 614 Lafayette (not realistic as the auction is tomorrow), could you go to the owners and negotiate something or does the bank control the process at that point?
this subprime/predatory loan
mess probably doesn’t affect many of the readers of this site, but if one views a map of the areas in Brooklyn where homes are going into foreclosure, it’s quite alarming.
It will affect us all.
If you go to Acris and read the mortgage terms for 614 Lafayette, you’ll understand why its going to foreclosure. Page 20 has the info to save time.
I support the foreclosures of the week postings. It’s PUBLIC information.
Also came across this article recently about the same subject:
http://www.nydailynews.com/news/2007/05/09/2007-05-09_pols_raising_roof.html