Plaintiff Is A Bank..and Defendant A Bank???

Comments(6)

• 
  commercialking10th April, 2004

  Another possibility is that the defendant bank is a land trust.

• 
  goodbuddy11th April, 2004

  Hi Larry!
  Sorry I didn't mention. I've seen this in the Notice of Foreclosure, Notice of Sale and so on in the Legal Notices in the newspapers. Thanks

• 
  rickomarsh11th April, 2004

  Plaintiff will join and serve, any one that comes up in the title search that has an interest that is inferior and include them as party defendants.

• 
  rehabber_pa13th April, 2004

  Per Rickomarsh's reply...
  The bank listd as the 'defendant' probably
  holds a 2nd mortgage or other lien on the
  property. They are listed on the NOD so
  they can go to the auction and protect their
  interest, if they so choose to.
  Also, it is not uncommon to see the
  "United States of America" as a defendant.
  That usually means the IRS has a tax lien
  against the property and the foreclosing bank
  is notifying them. Be careful of these sales,
  as the IRS can redeem the property up
  to 6 months after the sale and only have to
  pay the selling price. - ie. Place sells for
  $100,000 - you bid and win, then you put
  $30,000 in it to rehab it. IRS comes along
  and can force you to sell it to them for
  the $100,000 that you paid. Any rehab money
  you put in? - tough luck.

• 
  compwhiz13th April, 2004

  Wrong info about IRS liens - they only have 120 days from the auction date to redeem the property, and they have to pay 6% interest and reasonable upkeep costs(of course, $30k in rehab is not reasonable upkeep costs).

• 
  rehabber_pa13th April, 2004

  compwhiz-
  
  thanks for clarification on IRS redemption
  period. So it's only 4 months? That's
  even better.