Homeowner · Brooklyn, NY · Member since 2011 · 15 posts · 0 votes
hi, I know this is not the typical post but imagine my surprise when it turns out the home I rent is in pre-foreclosure! finding a lead never got this easy..
I am ready and willing to make a offer to the owner, but he's out of state and I can't find him. Rental agency is a stonewall, paid peoplefinders report was close, but no current address or working number.
The foreclosure documents, which of course a copy of came to 'my' home, list the mortgage servicer - Green Tree - but not his lawyer or info. If I had to guess I'd say he's got some equity left in the home, but it's close. I know the rental's now are plenty to pay this note, but he's been skipping the bill I guess.
Any ideas of how to track an owner down, can I search recent court records? I'm in NY state and here this kind of thing can take a long time, but I'd like to at least make a bid to him if I can.
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
11y
@Kurt P. Don't get too excited. There are lots of houses in pre-foreclosure. I assume you'd be doing a short sale. In my experience, only about 1 in 10 short sales work out. I mean 1 in 10 where the owner is willing to sell. 9 out of 10 times the bank will want too much. So I wouldn't jump through hoops trying to track this guy down thinking this is a sure thing.
Commercial Real Estate Broker · Cape Coral, FL · Member since 2014 · 86 posts · 46 votes
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You must be able to find his name and address in the public records and then you can send him a letter. I wouldn't get my hopes up though. NY is a judicial state and as you stated it takes a long time to foreclose. The landlord can drag the foreclosure out for a long time and collect rent and not pay the mortgage. He may not be motivated to sell.
Investor · Sunland, CA · Member since 2013 · 260 posts · 240 votes
11y
@Kurt P., to whom do you send your rent checks? Perhaps your property manager knows how to find the owner. As they say "Follow the Money".
Is it possible that the owner stopped making payments because he has deceased? Have you checked the probate court.
As you haven't found the owner directly, perhaps you could seek out a relative. Someone with a bit of skip trace experience should be able to help. Do you know a good PI or perhaps bail bondsman? You should make friends with one, if not. They can be helpful in a case like this and bondsmen often have a need of someone to take collateral property they've acquired off their hands.
If you find the owner (still viable and breathing), get his story and then make him an offer. If he doesn't seem interested, make an offer to the foreclosing lender to purchase the note at a discount. They may be hard to reach as well, but you should still try. There may be some information on the documents to acquired that would point you in the right direction.
You are so fortunate to have had destiny find you. Take the best advantage of it. What a great way to start 2015!
Homeowner · Brooklyn, NY · Member since 2011 · 15 posts · 0 votes
11y
Bob, thanks for the idea, will see if I can do that in Kings County.
Kevin, yes motivation is an issue I'm sure as he's clearly taking the rent from the agency and ignoring the bank for years.
Tom, the rental agency has made it clear they will not put me in touch with him, esp once a secretary let slip they are making their own bid! They offered to forward a letter, but slim chance that got through.
Investor · Maryville, TN · Member since 2014 · 31 posts · 10 votes
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@Kurt P. A lot of states have a property tax assessors web sites where you can put in the address and it will give you the tax information. It will show where the tax is send and that should be your owner. Large the cities usually have their own web sites separate from the state. Hope this helps.
Investor · Plano, TX · Member since 2014 · 145 posts · 102 votes
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Don't forget to check your registry of deeds.The mortgage or deed filings as well as the foreclosure docs will be filed there and you can read them. There SHOULD be a last known address on most of that paperwork.
If that doesn't work and If he owns the property in an LLC you will get the name from that. Go to the state corporations lookup and see what address the managers have listed in their organization paperwork.
Homeowner · Brooklyn, NY · Member since 2011 · 15 posts · 0 votes
11y
so update, I found the quarterly NYC tax bill! but it's under the property address, not his actual, so no luck there. I do have the last foreclosure filing, but no current address in the doc, just his name.
through people finders (paid) I think I have a phone number for what I assume is his sister, maybe daughter. but calls have not been responded to.
I wish I could compel the rental agency but I've been round that road a few times.
I'm considering getting a local RE lawyer on retainer as perhaps he can dig him up, since I know he was in ny court here recently over this. Apparently the final court decision that will compel the sale has not happened, he's trying to keep it of course, so perhaps I need to wait on that. it seems the average foreclosure in NYS is 3 years! He's probably few into this one but it could still be a slow boat.
thanks for everyone's ideas, I'm very grateful and keep thinking there must be a way to make this happen if it's going to be sold!
Investor · Tampa Florida · Member since 2013 · 68 posts · 30 votes
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@Kurt P. The lawyer might be a good path as they have access to Lexus/Nexus and can find addresses, numbers, associates, etc. if you provide enough details of the owner. The owner name and address of the home you are renting might be enough.
Homeowner · Brooklyn, NY · Member since 2011 · 15 posts · 0 votes
11y
thanks Cory, yea that's next step. Green Tree LLC has told me just now that the home is not in 'REO status yet'. but apparently they don't do direct sales only go to auction anyway.
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
11y
@Kurt P. Don't get too excited. There are lots of houses in pre-foreclosure. I assume you'd be doing a short sale. In my experience, only about 1 in 10 short sales work out. I mean 1 in 10 where the owner is willing to sell. 9 out of 10 times the bank will want too much. So I wouldn't jump through hoops trying to track this guy down thinking this is a sure thing.
Homeowner · Brooklyn, NY · Member since 2011 · 15 posts · 0 votes
11y
Larry,
thanks for the perspective. since we live in the house and pay almost the entire rent roll we've got incentive to try, but yes it's certainly not a sure thing.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
11y
Since this is a judicial foreclosure, the lender will hire an attorney to handle that. Part of the attorney's duties is to serve the borrower(s) with foreclosure paperwork / notices, and for that they need the borrower's address. Try contacting the foreclosure attorney and explain your interest in purchasing from the owner, to see if they will give you the owner's address. The foreclosure attorneys just want the bank to get paid, they really don't want to foreclose unless no alternatives develop.