Real Estate Investor · Rossville, GA · Member since 2014 · 218 posts · 96 votes
I recently ran across an individual who is losing her home due to foreclosure. She's over $15,000 behind so catching up her payments and doing a lease option is not an option on this particular property. The property is also in her deceased father's name and the bank is not willing to work with her on a short sale because she does not have power of attorney. Her sister could help but they have decided it is too much work and they would just let the home go to the bank. I have heard of people going to local banks, buying the note, and then foreclose on the property themselves. Is this common practice and can it be done with a larger bank? Since deciding they would let the property go, they have taken anything of value from the home, cabinets, appliances, fixtures, you name it, they took it short of the wiring and plumbing. Things I would have replaced anyway. Any ideas or suggestions?
Call the real estate or mortg department at the bank, ask them if you can buy mortg notes from them. Be persistent, because the first person you talk to may not know.
We have done this a few times with foreclosure properties. Actually in the process of doing one right now with BOA. The hardest part is getting through their phone system to the right people. Sometimes takes hours and hours but its worth it for an flip with a huge spread!
@Hal Thompson Unfortunately I do not. We had done it about a year or so ago and I did not save the contact info, partly because they dont give out direct lines to that department anyways. It's a huge hassle to do it but if you spend 10 hours calling customer service and you catch the 1 out of 20 thousand that know about it you might have a chance at it. I just say its almost not worth the time.