Yesterday I was doing research for this blog, and discovered that a house on a friend's street was going up for auction on May 4th. Legal Notices of Trustee's Sales are posted in the Washington Post here:
http://mypublicnotices.com/washingtonpost/PublicNotice.asp
Sadly, the renter there (nice lady) was not even informed this was going to occur. This scenario has been bantered about over at Ben Jones' Housing Bubble blog, and those who were renting had warned each other to tread carefully in these days of growing foreclosures. New tenants should be advised to do some "due diligence" on the property owner and find out if he or she appears to be an "underwater" speculator. One possible sign of that is a house that has been purchased in the last three years, which was the case in my friend's neighbor's situation.
Thankfully, we were able to make the tenant aware of the situation and offer assistance. In Fairfax County, the buyer has a mere 15 days to close. If no one buys the property, the bank will reposess it and list it through a real estate agency.
Monday, April 30, 2007
Personal Foreclosure Anecdote
Posted by Harriet at 10:54 PM
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2 comments:
Poor lady. This has been one of my concerns with moving into some of the discounted houses. Thanks for the link by the way.
Ahh the sentiment... fortunately I was able to stave off foreclosure, but unlike my situation, I've had 2 close friends lose their homes and put on phoenix foreclosure auction list unbeknownst, cause they were too prideful to disclose their predicaments.
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