Foreclosures in Mashpee MA
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 Mashpee this month, from October 1, 2016 and October 15, 2016 there were two properties that had an Order of Notice recorded. The order of notice is the first recorded step in the foreclosure process. This is the 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 - October 1, 2016 and October 15, 2016 - the property in the recorded land section of the Barnstable Registry of Deeds for the town of Mashpee, MA, is 30 Falmouth Road. The original mortgage was for $100,000, and it was recorded in 2002. The original lender was Cape Cod Bank and Trust, and that is who recorded the Order of Notice on this property.
The Land Court section of the Barnstable Registry of Deeds for the town of Mashpee, MA has one order of notice recorded, too. That one is on 95 Shorewood Drive. The original mortgage was for $206,000, and it was recorded in 2004. The original lender was Sherwood Mortgage. This one is more complex because it appears to have been assigned to 5 other lenders. The lender who recorded the Order of Notice on this property is Caliber Home Loans Inc. All the assignments would need to be confirmed to make sure that is 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, the transaction process is usually not for the inexperienced investor. If this is a first time purchase, using an experienced agent can help the buyer understand the process and learn what is normal in the process and what is unusual.
The foreclosure laws changed this year. Banks were given a little more leeway in the foreclosure process requirements in MA this year. While the lenders will 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 the 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 traveled through the foreclosure process. Once listed, they are again for sale. Buying a foreclosed property must also 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 usually a good idea at the closing for any buyer of foreclosures.
If you need an agent to help you find or buy foreclosures, I'd be glad to help.