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Foreclosures in Chatham MA - Jan to Oct 2016

Foreclosures in Chatham MA from January 1 thru October 21, 2016

I often receive inquiries about foreclosures on Cape Cod. Unfortunately for investors, there aren't as many as one might think, because property is usually able to sell before it forecloses. Even as a short sale, property can usually be sold before it gets foreclosed on.

In the town of Chatham MA this year, from January 1, 2016 and October 21, 2016 there have been six properties that had an Order of Notice recorded in Chatham. The order of notice is the first recorded step in the foreclosure process. This is a formal public notice that a borrower has not kept the payments current and that the lender is planning to foreclose.

Once this is recorded, there are other steps that the lender needs to take correctly before the foreclosure can take place. Up until the recording, only the borrower and the lender know the true status of the loan. Upon the recording of the order of notice, the public is now informed that this property is going to go through the foreclosure process.

For this time period - January 1, 2016 and October 20, 2016 - the four properties in the recorded land section of the Barnstable Registry of Deeds for the town of Chatham, MA, are: 63 CROSS ST, 2350 MAIN ST, 8 ARBUTUS TRAIL, and 93 ELKANAH ST. The original mortgages can be found in the Barnstable County Registry of Deeds. Be careful to check for assignments of those mortgages, and to make sure that the filer of the Order of Notice is the correct owner of the mortgage being foreclosed on.

The Land Court section of the Barnstable Registry of Deeds (registered land) for the town of Chatham, MA has two more order of notices recorded. Those are at 51 HOLLY DR, and 101 MONOMOYIC WAY. The original mortgages can be found in the Barnstable County Registry of Deeds. Be careful to check for assignments of those mortgages, and to make sure that the filer of the Order of Notice is the correct owner of the mortgage being foreclosed on. All the assignments would need to be confirmed to make sure who has the right to foreclose.

Over the decades that I have been selling real estate on Cape Cod, I have been able to help buyers buy foreclosures. However, the process is tedious, and the transaction process is usually not for the inexperienced investor. If this is a first time purchase, using an experienced real estate professional can help a buyer understand the process and learn what are normal steps and what are unusual distractions.

The foreclosure laws changed this year. Banks have been given a little more leeway in the foreclosure process requirements in MA. While the lenders may be able to act sooner and with less restrictive requirements from the Massachusetts government, it is still a process with multiple steps that must be carefully followed. Once completed, the foreclosing entity may market the property. Finding foreclosures early in the process can help an investor plan projects and stay busy. Identifying the correct properties which are in trouble is the first step in that planning process.

Properties that show up in MLS being identified as foreclosures have already traveled through the foreclosure process. Once listed in the MLS, they are again for sale. Buying a foreclosed property must also be carefully researched, so that the process can be verified for correctness and validity of title. A good attorney will be able to see if everything is correct. And, title insurance is a good idea at the closing, for any buyer of foreclosures.

If you need a an experienced, full time real estate professional on Cape Cod to help you find or buy foreclosures, I'd be glad to work for you.

 

Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / capegroup@capegroup.com
508-274-5613  Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup  Skype: heath.coker

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James Heath Coker | Create Your Badge

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