One of the ways that you can find foreclosure listings is by looking in the local newspapers. Listings of foreclosures is public information and you should never pay money to anyone for a list of homes that are in foreclosure or to obtain information on homes. Paying money to someone is just throwing your money away and a scam.
When a home first goes into the foreclosure process it is listed in the public notice section of the local newspaper classified section. All foreclosure listings are listed here. The first step of a foreclosure is for the homeowner to default on the loan by missing a month or two of payments. When this happens the first notification that goes into the local newspaper is one that states the owner is in default. The ad in the paper will list the name of the homeowner, the physical address of the home, and the name of the lender.
Foreclosure listings in the newspaper are usually a very embarrassing thing for homeowners. This is something that homeowners are not proud of and they hope that their coworkers and people they know do not read this section of the paper. There is nothing more embarrassing for the public to know that you have missed your payments on your home.
When you are looking for foreclosure listings of homes you may be interested to purchase you will also see several ads that show a date of auction. This will usually be set several months in advance. At this point when the home is at the stage of the auction and there is a set date the homeowner is in really big financial trouble. You may see a for sale sign outside of the home. Banks often are difficult to work with and it is very hard to get caught back up when you are this far behind at this stage.
When you view foreclosure listings in the newspaper it is best to visit the homes in advance before you just show up at the auction. The last thing that you want to do is show up at an auction without knowing the condition of the home and how it looks after months of being neglected. One thing to consider is that you have plenty of time. Also, you might even think about contacting the homeowner about buying the home from them or taking over their payments. This is always an option for many people.