Foreclosures are an increasing problem for any economy and U.S. is witnessing countrywide foreclosures by increasing number in all states. If you’re interested in learning how to buy a foreclosed home, it’s important to know that doing so works differently depending on the stage of foreclosure the home is in. You’ll also want to know how to find them: you can use filters on your Trulia search to surface foreclosed homes, and the results will tell you which stage of foreclosure the property is in.

Even when a mortgagee’s name was located from researching foreclosure filing papers, there would only be large corporate bank or financial institution name and an address that would not lead you directly to someone who was responsible for the property and would get lost in the maze.

After receiving a NOD from the lender, the borrower enters a grace period known as pre-foreclosure During this time — anywhere from 30 to 120 days, depending on local regulations — the borrower can work out an arrangement with the lender via a short sale or pay the outstanding amount owed.

For that reason, it’s important to have an understanding of how property liens work The most important thing, though, is just to make sure you are bidding on the first mortgage and there aren’t any tax liens that will stay on the property if you purchase it at auction.

In her 2006 book All Your Worth, co-authored with her daughter, Amelia, Warren lists as a top myth the idea that you can make big money buying houses and flipping them quickly.” She has made a career out of telling people how to behave in financially responsible ways, and out of creating laws that will make it illegal for them to do otherwise.