This Preforeclosure is located at Milne Dr, Lockport, IL 60441. This property is currently in auction.
Save money on this property now.
This property is available as a preforeclosure at Milne Dr. Based on our analysis of the current market conditions in Lockport for Milne Dr and comparable listings, the estimated market value is still being calculated. If purchased for rental purposes, this property might present an opportunity to make monthly rental income. The rental value will be updated on this listing soon. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Milne Dr are updated daily along with others in Lockport, Illinois. Since this property is a preforeclosure, check out our Foreclosure Timeline for Milne Dr below to see helpful information about this listing.
Not in Foreclosure
The property located at Milne Dr in Lockport, IL is listed as a PreforeclosureThe process of preforelcosure with properties like Milne Dr in Lockport, Illinois begin 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.
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.
Steps as you search for your pre-foreclosure property:
Property owners and lenders are both in awkward positions when a loan goes into default. The property owner would like to avoid the foreclosure as it will have very negative consequences for his credit, and can severely limit his chances to obtain credit for a long time into the future. The lender knows it will probably be taking a loss because, if the property was worth the debt on it, the owner probably would have already sold it to avoid the foreclosure. Short sales are very common in pre-foreclosure situations and this leaves the door open for opportunities for you as the lucky real estate investor.
|Start Date||End Date||Listing Type||Bank Name|
|04/17/23||Preforeclosure||Bank Of New York Mellon Trt...|
|04/11/23||Preforeclosure||Bank of New York Mellon Tru...|
Calculate monthly mortgage payments with our easy mortgage loan calculator.CALCULATE
Millions of people receive foreclosure alerts daily, don't miss out.
Alert me about homes in that match this search.
By signing up for property alerts, I have read the Terms and Conditions of Service and agree to receive emails from Foreclosure.com.