Hi all,
I am an investor based in the UK. I am trying to find a way of obtaining information about those about to be foreclosed before the information is in the public doman. The key I feel is striking a relationship with an agent who represents the banks in these cases. Anyone done this type of thing before, any advice on how you approached an agent, got their information?
Thanks
Jon
Sorry dont have the answer, but are you talking about investin in UK or in US, where specifially in US. Might give the verteran investros more info
steve
Hi, No I’m actually in the UK but just looking for generic information.
JB
The biggest challenge you will have in the UK is, they are not banks as such, their mostly building society.
They dont like to deal, plus the fact they have a 12 year deficiency period.
Abby National and Branford and Bingley are among the worst.
The government are trying to change it but t will take a while.
Hi, thanks for the reply.
I am not familiar with the term deficiency period, can you expand?
if the foreclose or short sale a property if they do not get the full return of their money they had lended then there is a deficiency.
Uk rule is they have up to 12 years to pull this back.
The house of commans is trying hard to overturn this but it is meeting someheavy resistance.
I see, so even if they agree to a short sale, they can still chase you for many years after. I
never realised this was the case.
The UK is a whole different animal.