Westchester Foreclosures
If you have been looking for Westchester foreclosures, than look no further. Askrey can give you access to Westchester’s foreclosure market, including property address, lien amounts, foreclosure dates and locations, and contact info for the owner and the plaintiffs.
In case you have not been paying attention, today about one in eight adjustable rate mortgages (ARMS) totaling more than $325 billion are in foreclosure. Another $300 billion in sub prime ARMs are due to “adjust” in the next two quarters. This creates an opportunity for investors and bargain hunters alike. You can attend a foreclosure auction and buy the lein from the municipality. If you want further info on how this is done, refer to my December Foreclosures blog. However you can be entrepreneurial and buy the property straight from the seller before it forecloses. Here is how.
1. Take over the existing mortgage. The bank should be willing to trade your good credit with the current owner's poor payment record.
2. "Buy time" by making the monthly interest payments on the mortgage. You can hold off the bank for months while you negotiate with the owner or get a construction loan.
3. Throw up legal barriers. Have the owner file for bankruptcy. That instantly puts the auction on hold. But the court won't get around to approving the bankruptcy for several months. In the meantime, you complete the deal, and the owner withdraws his or her bankruptcy filing before it becomes an actual bankruptcy. A bankruptcy attorney can usually help the owner stall a foreclosure auction by 1-2 years, which should be plenty of time.
For a list of Westchester foreclosures in June and July 2007, click on my Foreclosure Reports page…. Or just Askrey.