All Forum Posts by: Phillip Metzger

Thx, you guys are awesome.

The daughter took out a 30k equity loan and bought herself a new house and a fancy car. Unfortunately for her she bought them in 2006 and it's worth half as much as it was when she bought it. Now she can't afford to make payments on either of the homes.

The Bank of America loan officer had nothing to say other than to point out the bank didn't own the house yet; because it wasn't on their _bank owned homes for sale_ website. She said the only thing I can do is talk with the agent [there wasn't one, you can't talk with an asset manager.] Which I followed up by talking to neighbors to find the authorized seller.

I found out even more, the neighbor is a retired contractor and will be helping me replace the pipes and electricity. He owns 3 properties in the area. (The house was built in 1950. These houses can barely last 6 months without needing a plumber to clean the pipes.)

Thought I'd wrap this one up and give an ending to the story.

I exhausted all contacts to no avail - but I learned a lot.

I spoke with the neighbor who was friends with this good man and he is getting me in touch with the daughter who doesn't want the house.

I am buying the house from her for 40k - including paying off the 5 months of late mortgage payments; which in total is less than the cost of closing on the deal.

Not only that, I inherit 4 kittens and 2 vehicles.

I was surprised to find that his neighbor is more than willing to help; because he knows I will restore the property into a beautiful home.

Thanks all.

You were right on Tim. I spoke with a lean officer of BoA and she said it's handled through the agents.

Only problem is it's still in the process of being taken over so there isn't an agent yet.

It's a trustee sale - Any advice purchasing one fo these properties below the starting bid - before the auction?

Thanks, Reverse Mortgage is new to my vocabulary.

He lived a very modest lifestyle, so i'm hopping there wasn't a refinance somewhere along the line.

Thanks for you time Tim.

I don't know a realator. In fact as I write this I'm cold calling Bank of America trying to find out who I can talk to.

If anyone knows a better way to go about it, I would sure appreciate the advice.

In a neighborhood I've been watching for several years - there is a house where a man recently died, he was 90 something.

The house was in a trust and since he had no family it looks like it ended up in the bank's hands? Which is strange because he lived in that house for 20+ years. I thought he would have owned the house by now.

I'm thinking of calling the bank and seeing if they will sell me the house before auction. Do you think the bank will go for it?

The house is up for auction in Feb, 2010 for $60,000 - I want to offer the bank $40,000 so I can get a loan for $70k and have $30k for replacing the carpets, cabinets, bathrooms, etc. The house is assessed at $110,000 for 2010. I think it would be worth a max of $170k in good eco.

Has anyone bought a house in this situation before? Or insight into what it will take to buy that house?

Thank you Jon! Lease was the wrong word.

Quitclaim is exactly the answer I was looking for.