Public Information on Foreclosures
When a home buyer finds himself in financial trouble, he or she often falls behind in his payments and sets in motion the wheels of foreclosure. A house can be sold by a mortgage institution if the buyer falls behind on loan payments or by a taxing authority if the buyer falls behind on taxes. Public information on foreclosures can be used to help the buyer obtain new loans to forestall the foreclosure, or to help investors find potential foreclosed properties to fix up and sell.
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Foreclosure process overview
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The foreclosure process begins is when a buyer falls behind on loan or tax payments. A lender generally files a notice of default or a lis pendens in the public record. This puts the buyer on notice that his property is being foreclosed upon. If the default is not cured, the home is sold in a foreclosure auction.
Newspaper of records
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Most state foreclosure laws to require foreclosing lenders to publish for closure notice in a "newspaper of record." The Clerk of Court for the county in which the deed is filed can supply the names of the newspapers of record for that county. In states with non-judicial foreclosure procedures (i.e., private proceedings), newspaper notices may be the only public information available before actual foreclosure.
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The county courthouse
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In states with judicial foreclosure procedures, public information on and pending foreclosures is available from the county courthouse. Foreclosure actions may variously be filed at the office of the recorder, County Clerk, registrar, or prothonotary. Look for notices of default or lis pendens.
Online public information
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Some counties have begun to list foreclosure notices online. Again, the county clerk can point you to this source of public information. Local foreclosure reporting services may also gather this public information as a service and sell it for a fee.
Tax lien foreclosures
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Properties may also be foreclosed for delinquent taxes. The treasurer's office of the county where the deed is recorded can provide a list of properties due for a tax lien foreclosures sale.
Public Auctions
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If a buyer fails to cure a default on his mortgage or his taxes, the property will be sold at public auction. These auctions are usually conducted at the county courthouse on the courthouse steps. The date day and time of the auction is public information and is usually published in the newspaper of record.
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References
- Photo Credit courthouse image by Michael Shake from Fotolia.com
