All Forum Posts by: Casey York

I found a property that has been vacant for over 10 years, in a very good neighborhood. Last known occupant went through a divorce and bankruptcy at same time. Paper trail was long but I finally found the current owner of the mortgage. There is a first and second mortgage. The owner of the first mortgage has said they will sell me the note. Not having any luck on the 2nd mortgage note.

If I purchase the 1st, can I foreclose the property and take ownership?

Any help is greatly appreciated.

Thank you!

If I buy a non-performing note on a vacant property, does that give me ownership of the home?

The home has been vacant since the previous owners filed bankruptcy and the case has been closed since 2008.

So after many emails I got a reply from the bank. They sent me a list of requirements that I need to send them to buy the note. Basically just the amount I'm offering with documentation as to how I come up at that amount, as well as a copy of the title research which I already have done.

I've spent most of the day reading the files from the previous owners bankruptcy. The file shows that the discharge occurred in 2008 and case is closed. The property was surrendered. There was a 1st and 2nd mortgage on the property.

Any ideas why the bank is just letting the house sit empty for the last 6 years? And what my next step should be? FYI, the property is in Nebraska

I want to buy a property that has been vacant for many years. Previous owners are unwilling to even talk to anyone and claim they don't own the property. However, through some mix up in paperwork when they filed bankruptcy, they are still listed as owners. The Bank that owns the note says they are not allowed by law to speak to anyone except those owners. Vicious circle!

Is it possible to contact the Bank and see if they will sell the note. And what would be the best way to proceed with that?

I am looking at buying a home for a fix&flip. Purchase at $55k with a budget of $15k to cover repairs and carrying costs. Value after repairs will be $110k. All I can find for lenders is 75% of purchase price. I have $15k to put into the deal but if use this for the down payment, that leaves me with nothing for repairs.

Does anyone here have suggestions!

Thanks

I believe the lender is keeping taxes current, at a cost of $4,000/year. There is a 1st mortage of $65k, and a 2nd of about $15k. Comps in the area are selling at $275k. The lien holder is SLS based in Colorado.

The home is next door to my in-laws so the main reason for trying to acquire this property is how badly it makes the street look. Also, I have a strong background in home building so the construction aspect is not a major concern.

I am trying to buy an abandoned property in a very nice neighborhood. The previous owners filed bankruptcy and moved out approx 10 years ago. The home has been empty since. I researched the title and found out who the lien holders are but the previous owners still show on title as the current owners. The mortgage holder says they can't talk to me about the home without consent from the owners. After finally getting ahold of the previous owners, they say because of numerous other calls to buy the home that they contacted an attorney and they were told not to discuss anything about the home because they have no ownership interest in the property. Does anyone have suggestions on what I might be able to do!?