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Old Rt 50
Vienna, MD 21869

Status: Inactive
Listing ID: 56922199

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Property Information

  • Day(s) On Site: 58
  • Deposit: $7,000
  • Deed Category: NFS
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Preforeclosure

Often, the preforeclosure period is the best time to purchase a property. The process begins when a lender first notifies a borrower that his or her loan payments are behind. If a borrower has no other means to bring the payments up to date, he or she is far better served to sell the property as soon as possible before it falls into foreclosure.

First Steps to Buying a Preforeclosure

Preforeclosure status means the owner of the property has defaulted on his mortgage obligation and the lender is taking steps to foreclose on the loan and take possession of the property. This situation places the property owner and the lender in a disadvantaged position. But it may not be too late for the property owner to work things out with his lender.  At the same time the lender may be interested in allowing a short sale (sale of the property for less than the amount owed) just to avoid the costly process of foreclosure on the loan, and then the expense of marketing the property. That leaves open the opportunity for a real estate investor to come in and solve the problem for both parties.

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Auction Information

  • Auction Date: 12-07-2021
  • Auction Time: 10:30 AM
  • Auction Location: DORCHESTER COURTHOUSE AT 206 HIGH ST. CAMBRIDGE, MD 21613

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Listing History

Start Date End Date Listing Type Bank Name
07/22/21 11/19/21 Preforeclosure CITIFINANCIAL
07/02/19 10/30/19 Preforeclosure CITIFINANCIAL

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Old Rt 50
Vienna, MD 21869

 

Status: Inactive Listing ID: 56922199

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