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Forclosure on our street?
I'm always checking out Zillow just to see what is going on as far as sales go in our neighborhood.
Just recently noticed that there is a preforclosure on our street. Based on the information they provided (no address) I can figure out who's home it is, but my question is...is this a for sure thing or could it be a mistake?
The information says
"This home is in preforeclosure, which means the homeowner is in default (missed payments). Therefore, there could be an opportunity to strike a great deal with the owner and the bank"
Does anyone know how far behind someone has to be on their payments to show up in this kind of listing? We are friendly with the folks that own this house, their daughter has even babysat for us and I'd hate to think that the information is true.
Re: Forclosure on our street?
Also known as a short sale.
Is there an MLS number listed? If so that means it's actively on the market.
I don't use Zillow so I can't answer questions specifically about that site.
Usually to be granted a SS or for foreclosure proceedings to start, a homeowner needs to be 90 days behind. It doesn't necessarily mean they're being forced out of their home. It could be a strategic default. You just never know.
No there is no MLS number, the listing agent shows as Foreclosure.com
There are a few others in our neighborhood that have been on Zillow for a number of days (30 or more) that I know are actual foreclosures.
Thanks for info anyway. Like I said I hope it isn't true, they have been in their home for 18 years.
One missed payment is enough for a bank to file a notice of default and begin the proceedings.
That being said, many banks wait longer than that.
Hope everything is ok, times are tough for a lot of people
My best to all!
Lighthouse State Beach, Santa Cruz.