Who owns my foreclosed house

The papers indicate it is In the foreclosure process. The bank can't sell it to you now because they don't own it, and wouldn't talk to you if they did. It will be listed at some point after they take it back, maybe the papers in the Windows will lead you to the agent that may eventually list it. Why not just call the owner of record? There are lots of reasons it may be abandoned, and the owner even if it's an estate may be happy to give it to you for a small price.

Just call. I bought foreclosed houses from REO banks. Although they foreclosed on the property some time back, the local record still did not reflect the change. Only after the auction sale did they record the deeds, one from the foreclosed owner to the bank, and the second deed recorded from the bank to me, all dated on the same date after the sale to me. I know the bank foreclosed on it 2 years before the sale to me. In fact, the deeds were meant to be recorded the same day, so in the event my deed 2nd one is recorded before the 1st one foreclosed owner to bank , my deed list the name of the REO bank, the grantor, as "XYZ Bank, deed to be recorded..

That's why I knew the local records did not reflect the bank as legal owners for at least 2 years. I read in the local papers of this controversy, as recently as this year, about zombie homes, where the foreclosing bank would not record change of ownership because they don't want to be responsible for liabilities as legal owners of the property such as slips and falls, squatters being injured. I haven't followed up on it, but in neighboring counties to NYC, there's been proposals that when banks foreclosed on properties, this should go onto a registry so the county knows who to contact if a problem arose.

This would not have been necessary if the local records have the real owners name. To add to the above post, here's an update of the status of legislation on zombie homes. According to the article: Zombie Home article Zombie houses are those that are in the foreclosure process and have been vacated by their owner but banks have not taken title. Banks will not take title due to the legal obligations it entails, thus leaving title in the name of the owners who abandoned the property if you check the local records.

Try suing a foreclosed bankrupt owner for a slip and fall. According to this, New York State now maintains this registry, and presumably will tell you who to contact with reference to the property. There's a toll free hotline to report, located in the article, but does not tell if you can obtain information. I would get in touch with the owner of record and they can tell you who their bank is if indeed the bank has taken it back.

Wayne has it right. Those papers indicate the mortgagor has stopped paying. The lender sent someone out to inspect the property and found it abandoned, so they've taken steps to protect their interest. But they haven't actually foreclosed on the property yet. So the bank doesn't own it yet and can't sell it to you. It'll be auctioned off on the first Tuesday of some month. Here's the Georgia process. Lists are available for when various homes will be foreclosed on and when.

Why does it often take a bank months between when papers go in the window and when it finally gets auctioned? Great question. Could be, they're negotiating with someone to try to get it current - maybe the borrower, maybe an estate. Up till then, you can try to contact the owner of record and work out something to buy it from them and pay off the lienholder.

There are numerous members on here who do that via direct mail or trying to reach out by phone or visit and could give you info about that. But I think the generally successful approach is to try volume. If you focus in on just one property, your odds are pretty low. You've got to diversify your efforts in order to have a good chance of getting one under contract. I had a chat with the officer from the REO bank that sold me the house at auction. The bank had it for two years. Unfortunately the market started a correction, starting in , and went to a full crash by He rented the houses out, but gave up in , the banks took over.

There's outstanding liens on each property. As to the previous owner, story was, he left town or in hiding. That was the most efficient way of doing it, In my case wasn't till June that they made up their minds to auction it off. They were hoping for the market to improve but it didn't. There's no way to get hold of the owner, and the bank would not be selling till they're good and ready.

My wife was a VP of a loan company and they have procedures in place to prevent fraud in such cases. I worked at a finance company for a while doing workouts, and they don't have strict procedures in place, so borrowers would offer cash bribes to me to do loan workouts.

There's another way to make a bank move. A buyer was at the auction that I was at observing. All rights reserved. Credit and collateral are subject to approval.

Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Go to Prequalify Not ready to apply online? Contact Us Help Schedule an appointment. How to buy a foreclosed home It can be an exciting and sometimes overwhelming process to find and purchase a home. Show: Hide: Differences between a typical real estate transaction and the purchase of an REO property Negotiating the purchase price of a foreclosed home may take a little longer than a typical real estate transaction because the process may require multiple levels of approval.

There are several considerations to keep in mind when purchasing an REO Property: Unknown property condition Given that the bank has not maintained or had first-hand knowledge of the foreclosed home prior to acquisition, there may be no record of property repairs or maintenance that would assess the true property condition.

Buyers are allowed and encouraged to complete professional home inspections on the property. As with a typical real estate transaction, out-of-pocket expenses can occur before and after an offer to purchase a property has been submitted. These out-of-pocket expenses may include lender required documentation such as an appraisal or home inspection and bank-required minimum earnest money. Prior to closing, a buyer should work with their agent to coordinate the date on which they may take possession of the property.

Title issues may be discovered during the closing process and will need to be addressed and resolved, along with completion of all necessary paperwork to support the transaction.

An extension of the close date may be requested by the seller if these issues cannot be resolved by the contract close date. Because of this, the buyer should allow adequate time after the scheduled contract close date to schedule movers, furniture deliveries, utilities, etc. Show: Hide: Determine what you can afford Before you start looking at foreclosed homes, you will need to determine how much home you can comfortably afford. Show: Hide: Find foreclosed homes Many foreclosed homes are listed for sale the same way as traditional homes.

Show: Hide: Engage a real estate specialist You should work with a real estate agent who is experienced with REO properties. Show: Hide: Get the property inspected Getting a home inspection is always a good idea, but it is particularly important when buying a foreclosed home. A property inspection is encouraged and will help you determine: Condition of the home Estimated cost of repairs A fair and reasonable offer Funding the purchase If you find that repairs are needed for your REO purchase, you may want to consider an FHA k Renovation Loan.

Show: Hide: Get the most up to date title information A title search is always recommended for any real estate transaction. Show: Hide: Is a foreclosed home right for me? Today's mortgage rates. Affordability calculator. Closing costs calculator. If a property is in pre-foreclosure and you are interested in it, the owner in financial straits may be willing to work out a deal.

Depending on your location, your local tax assessor is part of either municipal or county government. Many lenders have listings of bank-owned properties on their websites. Additional information includes the date the property last sold and the purchase price.