After a few cursory searches about this topic, I didn't see anything posted or answered about this. First of all, any links to a primer on forecloser purchasing? I know it's state specific and often times city or county, but I'm looking for info on what people do after the foreclosure sale happens and is being held by the lender. How do you track these people down? What bank?
So here is my scenario: There was a foreclosure on a property in late 2012 on a home locally to me. At the sale the lender bid the mortagage amount and took it back. All of that shows on Zillow. I verified at the Indianapolis Assessor's office, and the Recorder's office. The last known sale/assessment/recorded deed was 2005 and absolutely nothing recorded since 2006 (there was a sewer lien, but that was 2005 as well. Clearly some stuff went down since then. This is where I need the Foreclosure 201 course. What do?
It's a little odd that a deed hasn't been recorded in that time period, but not unheard of by any means.
If the foreclosure auction was that long ago (2012) and the bank is sitting on it there may be something unusual going on. The borrower may be fighting the FC. The bank may not have foreclosed properly and they're trying to figure it out. Depending on what bank it is, they may have so many on the books that they just haven't gotten around to that one yet.
I have a few in my zip codes like this one. I just keep checking periodically for a deed recording. Once that happens you know it's moving through the pipeline.
Thank you for the affirmation. I definitely thought that was weird as well. I ended up checking the local tax records. It turns out that the taxes are being paid by a family trust in GA. Very odd. This must be a mistake on Zillow's part (go figure). I just dont understand how you can out of the blue state a property went through floreclosure.
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