.   The Calendar

The calendar enables you to quickly determine when a property is to be auctioned off. It lists, by county, each upcoming auction scheduled to be held during the three-week period starting with the date of the particular issue of Foreclosure Update. After reviewing the individual listings contained in the body of Foreclosure Update, your can use the calendar to help plan your schedule depending on which auctions you are interested in, especially if you intend to bid on more that one property in more than one county. Although we endeavor to list auctions in numerical sequence based on the date they are scheduled to take place, sales may be postponed or announcements of sales are received later than normal. This can result in our auctions numbering system occasionally being slightly out of sequence. Please understand that the scheduling of auctions is beyond our control. We always urge subscribers to check with the Plaintiff's legal counsel or the Court appointed Referee prior to the auction to verify that no last minute changes have occurred.

II.  Auction Location

At the beginning of every county listing, is a small box with the location of where auctions are usually held. The particular County's Supreme Court building is the place where most real property foreclosure auctions are held. Occasionally however, these sales are held elsewhere, such as at a Sheriff's or attorney's office or even at the location of the property itself. In all cases, we urge subscribers to contact the Plaintiff's legal counsel or the Court appointed Referee prior to the auction to verify the date, time and location of the scheduled sale. Auctions are held promptly as scheduled and being late by even a few minutes may be enough to result in missing the opportunity to bid.

III. Auction Listings

Each auction listing ("the Listings") provides, by county, the necessary information you need before attending and bidding at an auction. Our reference number, which always starts with an abbreviation of the county name -- such as Bx for Bronx County or NY for New York County (Manhattan), is used to identify that particular sale on the calendar (see Section I above). For example, NY101 means that this is the 101st auction listed for New York County (Manhattan) during the current calendar year. If for example, the sale date is listed as February 25th and if this auction is scheduled to be held within the next three weeks, you will be able to find that sale, NY101, on the calendar box dated February 25.

The information shown: address, property description and size of the lot and building (if any) enable you to have a rough idea of a property's value (depending on the location and your familiarity with prices in that vicinity), even before visiting the property in person. Although our sources of information are highly accurate, errors and/or omissions can happen and we urge all subscribers to contact the Plaintiff's legal counsel or the Court appointed Referee prior to the auction to verify the address and other information shown before actually attending the auction sale.

Regarding the approximate amount of the lien (usually the unpaid amount of the mortgage on the property plus legal fees and unpaid interest) remember that although the Plaintiff may choose to bid as much as the amount of the outstanding lien and other administrative costs, there is some flexibility depending on the market value of the property to be auctioned. By communicating with the Plaintiff's Attorney, you may learn even more information prior to the sale. Of course, a visit to the premises can also provide valuable data including the condition of the property and its surroundings, whether there are any occupants, etc.

IV.  New Listings

The New Listings heading for each county starts the section containing upcoming auction listings for properties not previously printed in prior issues of Foreclosure Update. The Listings are presented in sequential order, based on scheduled sale dates with the earliest scheduled auctions shown first. This is a fast and easy way for subscribers to scan for new properties without having to review the entire county listings of previously printed upcoming foreclosure auctions.

V.   Conclusion

We hope that you have found this brief summary helpful in understanding how to use Foreclosure Update most effectively. If you have any further questions, please don't hesitate to call us at (516)487-6491. Thank you!!