EP98: Everything You Need to Know About Foreclosure

In this episode, we talk about foreclosure & the must-know items to be successful in note investing. Rick reveals the due diligence process that goes into analyzing a mortgage note in foreclosure. He discusses the importance of gathering information from the seller, payment history, and servicing notes. He also talks about the role of court records in determining how far along the foreclosure process is.

Learn about the differences between Chapter 7 and Chapter 13 bankruptcy and why a borrower might file for each type. Lastly, they touch on how foreclosure can be delayed due to a bankruptcy filing and the concept of relief of stay.


00:00 Intro
01:20 Due Diligence Process For Analyzing a Note in Foreclosure
1:46 - Gathering information from the seller
2:01 - Questions to Ask the Seller
2:55 - Payment History and Servicing Notes
3:38 - Comparing Information for a Note in Foreclosure
3:47 - Looking at Court Records
4:01 - Accessing Court Records in Florida
4:20 - Different Access Rules in Other States
4:45 - Checking for bankruptcy filings on PACER
6:00 - Reasons why someone might file for bankruptcy
06:09 - Differences between Chapter 7 and Chapter 13 bankruptcy
7:15 - How bankruptcy can delay a foreclosure
7:31 - Relief of stay explained



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🔊 Speakers: Rick Allen & Brett Burky

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