The courts would probably say you have no loss - you paid rent and got use of the property.

So check the foreclosure procedure for New York, but I believe in New York state is a long process (a year or more) and judicial (conducted in court.)

Ask if there are any special assessments coming up, if there have been in any in the past, any big projects looming (parking lot repaving, roof work, pool/tennis court repairs, etc.).

At that point the county post the info in the news paper and it goes to county court (2 1/2-3 months) which in that case it goes to auction at the county steps (supposedly) if nobody buy its at auction (which in my experience nobody ever does) then it becomes your property.

The reason why we chose this route over Land Contract is simply because our lease agreement specifically states that the homeowner is now responsible for everything from repairs to taxes and even insurance, but in the court of law we have a lease agreement which means we can evict in 45 days rather than go through the LC forfeiture process which can take many months and a lot of losses in profits.

I would suggest just reading bigger pockets, and the court house.

Consider the complaints, notice of meeting, hold the meeting, notice of deamnd, time allowed to cure, suit filed, and the court date.

If the bankruptcy has been discharged, the court and the bankruptcy attorney are no longer in the picture.Contact the owners.

It still seems like if you have the option contract recorded at the court house that you should still have some recourse against the seller...

Wouldn't it be easier if the bank could just file with the courts, take possesion of the property, proceed to REO status, and take the loss on there books for a discounted price.