The first step in the foreclosure process is a filing of notice of intent to accelerate foreclosure. The period of time that the mortgagor has to respond varies from state to state from a few weeks to a few months. During this time, lenders are often open to negotiation for repayment of the loan to bring it current or otherwise pay off the defaulted amount. One of the more popular ways of doing this is for the owner to find a buyer for the house who will pay off the defaulted amount and satisfy the requirements to stop the foreclosure.
Notices of foreclosure and sale are a matter of public record. A little research at the city courthouse will get you a list of homes that are in the first stages of foreclosure. You can often work out a sale with an owner who would prefer to sell house fast for enough cash to satisfy the mortgagor.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125