Vacant Home In Foreclosure, Did I Hit A Wall Here?
I'm new to this,though I've been lurking, trying to absorb all the wisdom & knowledge on this forum!
I found a vacant home, great potential. The market is hot in this neighborhood, and I'm familiar w/market values, turnaround on sale, etc, because I also live in this neighborhood.
I went to the city clerk to look up the specifics on this vacant home. I got the owner's names, no forwarding address, only the vacant house address. There is $6K in back taxes owed, and the city clerk JUST rec'd foreclosure papers from the mortgagee. The mortgage was $146K back in 2001. The market value would be 180K minimum. From the outside, it needs cosmetics, the extent of inside work is unknown because I can't get in or see anything from the outside.
Here's my problem: I called the mortgagee. They won't release info on a foreclosure, can't give me what's owed, any new address for the owner, etc. I can't find the owners, (I checked with neighbors, apparently, it was a divorce & they walked away from the house).
I searched the owner's name on the internet, got an address (I can't confirm it's the owner, but it might be).
So...I need some advice. Is it protocol that the mortgagee CANNOT give any info on a foreclosure (or is this just a 'dodge')? Is there someone else I can contact to find out either what's owed on the mortgage, or how to find the owner? I'm thinking about sending a postcard to the name/address I found on the internet & take my chances, but I'd really appreciate some advice.
What I'm hearing from the lender, clerk, etc. is that my only option is to show up at the foreclosure sale...but I'm really hoping I can do something before it gets that far!
Thanks for your help!!
as long as the morgage holder has not foreclosed and taken title and ownership, you need to deal with the owners on the titel, or a trustee if it's an estate case. Unfortunately, I do not know of any other way to get around it prior to the auction.
The owner must sign a release form that you send to the bank that allows you to discuss the mortgage info and arrange a possible short sale. Without the owner and that paper signed, I don't think there is anything else you can do except bid at auction.
Don't forget that most auctions require cash or certifeid funds to pay for the sale at auction. If no one bids on it at auction, the bank will and then become the new owner. You can maybe work out a wholesale deal with them after auction.
Hope this helps!
This is a great question. Any of the more experienced out there have great sources or techniques to track down absentee owners? Please share...
Skip tracer
Send them an "I want to buy your house" letter, and write "Address Correction Requested, Please Do not Forward" prominently on the envelope. Then if they've filed a forwarding notice with the P.O. you'll have the new address and, hopefully, a better chance at getting the phone number. Send a second copy of the same letter w/o the notice, see if it gets forwarded to relatives, survivors, someone.
If you have a tel number, any tel number, it's worth a try. If it's an unusual name, try any others with the same last name in the area, could be relatives. Talk to neighbors, ask, "say, what's happened to ______, anyway? Looks like they moved out. Wouldn't mind buying their house," etc. etc. Someone might know the story.
It's not unheard of to try the door (or windows) on the off chance it's open; after all, your intentions are valid. Or to look for a key in a normal hiding place. You didn't hear that here. Good luck.
The best thing that you can do is go to www.deadleads.com and have them track down the owner for you. They charge $25 which is well worth the amount of information they give you.
You'll get the address and phone numbers for every residence the people have lived in for years, criminal checks, other property ownership checks, and a HUGE list of relatives to contact.
You might try approaching the lender and offering to purchase their mortgage at a discount and handle the foreclosure yourself. The attny representing the lender can frequently be of assistance in presenting such an offer.
While you are talking with the attny you might ask them if they've had any luck locating the title holder to give them service.