Frequently Asked Questions

What is pre-foreclosure? What is Finders.House?

“Pre-foreclosure” homes are defined as homes that are at least two months past due on the Mortgage payment.

This creates a “Notice of Default” because the owner was not making their payments. This is the best situation to purchase a home below market value. Finders.House is the only property data aggregation and How-To publisher to pool these necessary resources into a single easy to use membership site.

Where do you get your listing information?

The homes listed on our site are filed as  “Notice of Default” by their banks and are public source through your local deeds office. An additional title search may be required to discover any liens, back-taxes, or judgement encumbrances that may exist on the home.

Are homeowners aware I will contact them?

The current owner has been disclosed by their bank that their mortgage default is public information, and are often actively seeking buyers themselves. Their attitude towards the situation may vary so be mindful of their circumstances.

What is ‘take over payments’?

In this form of ‘rent to own’, the homeowner will quit the title and will bring their default current, then pay their loan each month to ‘vest in title’ until refinance or resale to pocket the equity. 

Why do I need to clear the default?

The default is at least 2 months in past due Mortgage payments.  When the bank receives payment to clear the default they will stop the foreclosure action, which buys you significant time to take possession, refinance or resell the home. These payments actually build your equity so it is much better than paying for a standard rental.

Why do homes go into foreclosure?

Borrowers go into default for a variety of reasons be it divorce, long-term unemployment, serious injury…The short time-frame of the banks grace period rarely allows adequate time to sell the home for immediate profit. The homeowner is in a high pressure situation (https://www.realtor.com/advice/finance/mortgage-default-what-happens-when-you-cant-pay/) This creates an opportunity for you to salvage the equity before it is lost to the auction.

Does My Credit Matter? Do I need Financing?

Obtaining financing allows a professional evaluation of what you can afford in the long-term. You will also not have to be concerned with “due on sale” which states that if the home is sold to another party the bank can call the loan due in full. If you don’t yet qualify for financing you can start vesting in title to develop a relationship with the homes current mortgage lender while your credit repairs. Timely monthly payments are crucial to convincing the bank that you’ve become a responsible steward worthy of the equity.