I have a new client who identified a home in foreclosure that they'd like to purchase as a primary residence. I called up Fannie Mae and they located the property in their system but said that they do not have ownership of the property. Can someone tell me how to locate the mortgage holder of a property to inquire about purchasing it? I've looked at the county appraisal district records as well as the tax office records. Nothing about the mortgage holder there.
Can you give us some more information? Has it already been foreclosed on meaning the bank has already taken back the property?
I believe it's been foreclosed. I have not physically gone to the house. My client gave me an address which he found online. The property has an assigned REO Document number along with a foreclosure date. The description says "Fannie Mae has foreclosed on the property..." I called Fannie and the agent said they don't own it, yet the address of the owner on record has the same address as the Fannie Mae Resource Center.
So it does appear it has been foreclosed upon. It can take months for the property to be transferred to FNMA from the bank who owns the property. There is a slight possibility it could show up on Auction.com as the bank could try to sell before they collect on the mortgage insurance claim and transfer to FNMA. Either way you are not going to be able to contact the bank and purchase the property as it just has to navigate through the process. Once it becomes available through FNMA, owner occupants will have the first crack at it
that's what I figured. I'm actually an agent and my clients would be the owner/occupant. Thanks for the info, greg.
@Kevin Tran The mortgage\deed of trust\security deed has to be recorded with the county as does the foreclosure of the deed if it has occurred. In the past you would go to your County admin building and ask for the office where deeds are recorded usually the County Clerk.
These days that same department often has an internet accessible computer system that records the deeds. You can find out with a few quick calls to the county. Start with the Clerk's office and ask if they record the deeds and if you can access them online. Anyone who checks title in your county can tell you the same thing. Generally they charge a subscription fee but it is not a whole lot here.
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