DO NOT Contact the PLAINTIFF'S ATTORNEY Unless you have completed all of the steps below. The Attorney listed in NJPForeclosures.com works for the Lender. The Attorney is paid by the foreclosing lender to complete the foreclosure. The Attorney is not paid to answer your questions regarding the foreclosure. DO NOT TRESPASS!

FIND YOUR COMFORT ZONE: Before You Look!
- List goals
- Target a well defined geographic area.
- List your property needs
- Determine how much you can afford.

FIND A SOURCE

• Pre-Foreclosures: NJPForeclosures.com - Contains properties where the lender has filed a complaint due to non-payment by owner. Foreclosure properties are published approximately 8-12 months before the Sheriff's Auction. Buyers can negotiate with the owner(s) to purchase the property and pay the back payments (Cure the Mortgage) to prevent the property from going to auction. This can save the defendants credit & you can buy property at below market prices.
  
  
• REO Lists: ForeclosureNet.net - Property already foreclosed and owned by the lender. May already be sold. Must negotiate with banker or real estate agent hired by the bank. Price may be close to market value due to marketing costs, real estate commission, taxes, and deferred property maintenance. Property may have been abandoned for many years.
  
  
• RTC/FDIC/VA/FHA/IRS Lists : Property "owned" by government agencies. You must submit bids with cash deposit that can be held until the bureaucracy makes a decision! Can involve long delays. Properties are usually sold "as is".

SELECT A STRATEGY OR USE ALL:

• Negotiate with the Defendant/Owner and purchase before the Sheriff's Auction.
  
  
• Purchase the mortgage from the Plaintiff /Lender (Short Sale) At "Deep Discount! You can foreclose!
  
  
• Bid at the Sheriff's Auction. (This wipes out other Junior Liens.)
  
  
• Buy from the Plaintiff ( foreclosing lender ) after the auction. (If they are successful bidder!)

BEGIN THE HUNT

• Select foreclosure properties from your target area and perform a "drive-by. DO NOT TRESPASS!
  
  
• Evaluate the "neighborhood" and note other similar "for sale" properties to compare. Comparables.
  
  
• Select properties which best meet your criteria for further research. Narrow your Target.

SURROUND THE TARGET

• Call Realtors with "For Sale" signs on similar properties. Comparables!
  
  
• Contact the tax assessor / tax collector, building Department. Ask about improvements, assessments, tax liens etc.
  
  
• Obtain other contact information from telephone company, post office, etc. KNOWLEDGE IS POWER

VISIT THE HALL OF RECORDS

• Research mortgage & the deed. Read and photocopy the documents. Check for other liens: Federal, Municipal, IRS etc.

LETS MAKE A DEAL

• Determine how much the property is worth by adjusting the comparables to your target. Apply a discount for your profit and risk and subtract liens and security deposits.
  
  
• Contact the Defendant, Sheriff's Office, Other Lien Holders, financing sources and perhaps the Plaintiff's Attorney.