OfflineRural area, a house has been foreclosed upon by BOA. However, was "liquidated" to a large company, since it had been an REO for over 5 years. Court records still show BOA as owners. BOA,REO Dept, claims they don't own it, but the liquidation company does not have records, supposedly, either! Contacted mortgagee and were foreclosed upon by BOA,6 yrs ago. House is becoming a blight within the community. Fits requirements for 22 of my buyers on my list for that area. Help please!
__________________
Terra Kubalek
Adverse possesion...keep it for yourself. If you pay the taxes and maintain the property for a period of time you can get title to it. Requirements vary from state to state. Google it and contact your attorney.
You can do one of a couple of things:
1. Check the county records to get the owner/title information
2. Contact a title company and ask them to run a property search for that
property.
3. See if the taxes are being paid, try to contact the person/bank that is
paying the taxes.
4. If you try to take adverse possession, you MUST pay the taxes for 5
consecutive years of taxes before you can take adverse title.
Stay Focused
RER
I agree with the above. I would have a title company run a search. They could find out for sure. Sounds like someone lost the paperwork somewhere along the line.
I have seen some properties that belong to Fannie or Freddie that stay vacant for years... I think they have too many properties to put on the market at once, so they are just waiting for the right time?
The properties don't show up on their websites even though they are the owners...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Sadly this is happening more and more in this foreclosure mess. My suggestion is have the original home owner file for quiet Title in the courts and then sell you the property.
Seriously, its being done all around the Country... They are called ZOMBIE FORECLOSURES! They are becoming an eye sore within the communities and NO ONE has ownership of them. The home owner walked away, the bank lost the note therefore has no legal right to the property so it will sit vacant. The funny thing is that since the right hand has no clue what the left hand is doing in the messed up banking industry many times the "servicer" or the one hired to pay the taxes on the property on the bank's behalf continues to pay them even though the bank no long has the note. This can go on for eternity as long as no one catches up with the paper trail.
My suggestion is have the original home owner file for Quiet Title with the County Court and if there is no other interest in the property the home owner will win Title and can then sell you the property.
Good luck!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Zombie foreclosures are a real problem and it is going to take proactive individuals such as yourself to step up and go through the paperwork to claim them before they need to be demolished. It is such a problem that I recently wrote a blog article on the subject (http://www.bankforeclosuressale.com/wp/article-04024271.html)
I would first recommend contacting whoever is paying the property taxes and try to track down ownership via that route. If that doesn't work, getting Quiet Title is going to be your best option.
Carol, Thank you for the information. I figured this out, by going through the county records. I have now contacted the owners. I think they may be willing to sell, but they are talking to their attorney about quiet title, before we go further.
Terra Kubalek