Profile picture for CarynClark5

Vacant foreclosed home that bank has no record of.

Theres a home that has been vacant for about 2 years and theres Foreclosure papers in the door with the Date 12/24/2010 on them. The papers say that Wells Fargo is the holder of the property and the grass and winterizing was done about a year back. I looked up in public records and the deed still has the previous owners name on it with his new address in Minnesota, and the property taxes are all up to date. I called the bank and they have no record of owning this home or it being in foreclosure. I was interested in buying this home for i have seen the inside years back. But now i seem to be at a stand still and cannot figure out who owns this vacant home... Where should I go from here any suggestions?
  • October 30 2012 - Port Deposit
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Answers (9)

Unfortunately there are many properties in the same condition and state of LIMBO, as I call it.  The banks, over the past 5 years, have sold the notes so many times that no one has a clue who the actual holder of the note is. sooner or later, they will find the property in their portfolio and liquidate it.  The Capitol Investment Companies have been buying blocks of mortgages for pennies on the dollar, those properties are scattered all over the country, so once they either filter down to where the properties are, the properties will get assigned to an asset manager then an REO Agent and the property will be liquidated.  BUT, many times, when they buy the block of loans, they resell them again and again and again, Lord only knows when some of these properties will be liquidated.
  • November 01 2012
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Profile picture for CarynClark5
What exactly happens when a property is liquidated? I have heard so many time about these banks just walking away from houses because the houses are no longer worth i guess what the amount of the loan was and its just cheaper to walk away. I have searched liquidations and autions and foreclosures called the bank myself and have not found any record! I know it had some flooding and mold issues so im wondering if the winterizing people declared it to the bank as inhabitable.... im at a dead end and whose to say someone finds out its vacant and just moves into it! I would be so mad if someone got the house for free and here i am doing all this research to do it the right way!
  • November 01 2012
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Interesting issue...will the local government tell you who is paying the taxes? Whomever is paying the taxes must have some info to help you...
Best wishes, Jim
  • November 27 2012
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Subscribe to a foreclosure listing service and wait until the house comes up for auction, which it will sooner or later.
  • November 28 2012
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You might contact the owner of record as well, in MN. Maybe they can help you get the home through a short sale process.
Best wishes, Jim
  • November 28 2012
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Profile picture for pvhomes
You need to find the current title owner not the bank at this point. A private detective can help. Check all the neighbors, too.
  • November 30 2012
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I think a private detective may be a bit extreme, a competent title company should be able to determine title holder quickly and for less than 200 bucks in most cases.
Now, if you misplaced a Maltese Falcon....

Best wishes, Jim
  • November 30 2012
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Profile picture for Carole Tyne
Colleen gave you the best answer - more than likely the note was sold over - I list bank properties and many times who originally foreclosed on the property is not who take it over and contacts me to sell it.   Many times it does take months till it hits the market.   Best to ask the neighbor to keep eye on the property - if they see someone there to ask questions.   Never know when agent will get it assigned to them.   Suggest also contacting agent to have you set up on autosend of listings in that community.   Then if it is missed you will not miss it hitting the market.   Recently, listed a home where there was a buyer in your same situation.   He tried for 1 1/2 yrs to track down someone at bank to buy it.  It had changed hands three times.   There would have been no way he would have been able to track that.   Lucky for him I contacted the neighbor when did Occupancy chk - she gave him my card - --- You could also leave a note on the door for when an agent does get it assigned. Best of Luck!
  • December 01 2012
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Profile picture for user426654
There was a home like this in my Grandparents neighborhood that was foreclosed on in 2004. Shortly after, they came and winterized the home and did the lawn care that summer. After that year, no one ever came back or did anything with it. Multiple people were interested in buying the property and went in circles with the mortgage holder who kept claiming they no longer held the property. Finally, is 2011, the property was sold at an auction at the county courthouse due to back taxes. Come to find out, Bank of America acquired the home from Countrywide who had acquired the loan from another lender shortly before selling out. It was all due to a small error with some paperwork that the home sat empty so many years. The current owners bought the home for $17k!!!! It appraised for much, much more than that, but due to being empty for so long, it needed a great deal of work. Either way, they got a steal, so if you're really interested in the home it's worth doing your research, even if it means spending a bit of money. Good luck!!!
  • December 01 2012
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