What are the chances?
A friend of mine owns a home that is going into foreclosure. It would appear that when the last appraisal was done, a vacant parcel that she also owns was taken into consideration to reach the appraised value. This was 3 years ago and to date, there is no record of a lien on the vacant lot. Prior to the default of the mortgage payments, she has transferred the property out of her name and awaits the foreclosure process to take its natural course. Does she own this vacant land free and clear or is this wishful thinking... Again, there is no mention in either legal description or tax id of this lot being part of...
thank you