- I am interested in a property that has already gone to sheriffs sale and was bought back by the bank. I talked to the lawyer who purchased the property and he gave me the contact information for the firm that hired him. I contacted this firm and they simply have a voice mail saying to fax any offers to a certain number and the firm will foreword the offer to the appropriate party. I cannot find the name of the bank that actually purchased the house (as they have changed their name and have several DBAs and FKAs on the title search), and I have no way of contacting them. I would like to pursue this property further but I would really like to deal with the bank that owns the property directly. Is this common? Is there any way around this?
- With regards to the same property as in 1: This property has 2 judgments against it one from each of the two mortgages it had outstanding and in foreclosure prior to sale. I believe the bank which held the first mortgage purchased the property back for the cost of the sheriffs fees. What happens to holders of the subordinated mortgage? Are they out of luck or will I have to pay them back the full amount of the subordinated mortgage if I purchase the property from the bank that held the primary loan?
I really appreciate any help, and would like to comment that you all have a great forum here and I am very glad I came across it. Thanks again.
-Ethan
If the lender didn’t hire the attorney directly then they have probably chosen to use an asset management company to handle their REOs. If that is the case, they will not deal with you directly. Are you ready to make an offer? If so, follow their instructions and fax it to the number they provided. Have you already been inside the property? If not, send them a fax asking how you can gain entry to the property. The answer will probably be that once it is listed (because most lenders list their REOs with agents these days), the listing agent can help you.