zombie houses
hello everyone. here is my question. first let me explain the situation. i like to look into investing in " zombie" houses, i. e. those houses that are in foreclosure or pre-forclosure that banks have dropped from their portfolio.
i know of a house that was vacated by the owner in approximately 2010. originally financed by countrywide, which was bought out by bank of america. there has been NO litigation filed on this house by the bank, NONE. not even a start of a foreclosure. the owner filed bankruptcy in 2013. the house has been vacant since she moved out in 2010. no one is taking care of it.
it appears the bank has lost intrest in the place. there was a $40k mortgage on it, and the place would be lucky to bring $10k right now. my question:
i know i can buy the intrest of the house from the original owner. i believe i can talk her into this. ( i have done it before). how can i get the bank to either file the release of lien on the place or finish the foreclosure so i could perhaps buy it from them?
second question: could i force a foreclosure sale on it if i had a lien on the place? such as a tax lien? my guess is that in such a foreclosure sale, the bank wouldn't even bid. if i get the last bid, i own the house free and clear. could this be done?
any help would be greatly appreciated. this is in the western new york area