Updated over 11 years ago on . Most recent reply
Lender dismissed foreclosure
I found an abandoned bi-level in a nice neighborhood that appears to be in good condition. Mail carrier said it's been unoccupied "for years." Someone is cutting the grass. Taxes are paid. It sold in 2005 for 142,900. More recent neighborhood comps $110,000 - $135,000. I checked w/clerk of courts and found that in 8/11 the bank voluntarily dismissed the foreclosure action and did not pursue a $136,000 judgment to which the court ruled they were entitled. The auditor's site still shows the 2005 purchaser as the owner. Why would the bank not pursue either the foreclosure or judgment? What is the likely status, and is there a strategy that might make this a deal? It's a nice neighborhood with only one property currently listed for sale and no rentals. I could find no other court actions against the owner, btw. There is a sticker on the door that says to contact BOA reo website. I did that and property was not listed there. Also, BOA is not the lender that filed the foreclosure action. I'm confused. It's such a nice house on such a nice street that I hate to just dismiss it without trying to find out if it could be a prospect. With a $136,000 judgment lurking (dismissed w/o prejudice) there would be no equity. I know this might be a naive question, but I'm really new, so I'm sure it won't be the last. :-) Thanks for your time!