Bank Forgot About This Property?

[Scott Nachatilo]

An individual has a house he'd like to sell me in which he obtained money to purchase the property through a Argent Mortgage. He stopped making payments on his mortgage shortly after that, and more or less just let the property sit.

When I do a google search for Argent, I come up with: "Argent Mortgage was a wholesale lending company that was purchased from ACC Capital Holdings by Citigroup in the summer of 2007. Citigroup has essentially re-branded Argent Mortgage as Citi Residential Lending."

It seems Argent was a subprime lender that got taken out.

I have searched court records and do not see any foreclosure actions in regard to the owners of the property.

My question is, what is my next-best move in working out something with the mortgage holder? Is there an easy way to find out who I can contact?

[Bill Gulley]

Hi Scott! What do you have in mind? Do you want a short sale or just buy it?

I recall the name as we had them here and yes, they were a subprime and conventional lender.

Because of so many bank failures and lenders being picked up by other entities, it's my understanding that regulators may offer assistance in different states. Your state finance department probably has the history on who owns what and where they are. And, the Secretary of State is always a source to track down entities doing business in your state. I'd start there.

If your seller has a payment book, you might follow that trail through the servicing agent....and if it is just a purchase, request a payoff as of a certain date.

Hope that helps Scott, you must have hit a brick wall as I'm sure you can usually overcome the little stuff...good luck, Bill