Bank Owned Property in NYC
Hi,
I came across a property owned by a national bank and listed through a realtor.
The property consist of one large lot which was subdivided into 4 lots. The individual then took out four separate loans on the main lot with one bank. The bank has now foreclosed on two of the four mortgages and is listing the whole lot for sale.
Please advise if I'm facing any risk in acquiring the whole lot from the bank? My main concern is that the bank might come back and decide that they want to foreclose the remaining two mortgages taken out against the main subdivided lot in the main lot.
Please note, all mortgages were taken with same bank, the bank foreclosed on only 2 which were finalized more than 2 years ago.
Thanks,
Alex