yeah, im guessing it gonna be a wasted effort. oh well.
figures, everyplace online wants me to pay upwards of 50 bucks to get the details . I'll call the Recorder's office then. Thanks
Stop in for a cup of coffee
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awesome advice, thanks. I don't like the house. Honestly, I'd probably either rent the house out, the property itself is beautiful when cleaned up, the house was built in 1961, smaller than the house we're in now. but its the pond I'm really after. See the pond is a natural pond that over flows into a ditch that feeds into one of the ditches that feeds the pond on my property. I'd love to get control of that.
GeorgeH
Well-Known Member
They company selling that house wanted me to use their title co. Imagine that.
yeah that doesnt sound on the level. can you make offers on foreclosed properties or are you stuck with whatever the amount owed is? I'm concerned that if it has 3 mortages against it, with 3 different banks, that could potentially make the property grossly upside down in value not to mention dang near impossible to get as I'm sure all 3 banks notes would have to be satisfied.
ScampMike
Despicable Damn Yankee
property battles - yahoo
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Mopar-Man
Big Block Better Burnout
I live in Florida where it doesn't rain anymore. Last time I mowed the lawn was December! I have been here over 25 years and never had this happen before. Everything is dead or dying. Even after watering it still struggles to grow and it is not just my yard.
Mopar-Man
Big Block Better Burnout
I think I am going to replace my sidemarkers with cutout Chevy bowties. That should seal the deal.
we're a tad dryer than normal too but overall not bad.
GeorgeH
Well-Known Member
The thing is the bank can drag it out as long as they want to and they can bid at a foreclosure auction and run the bid as high as they want to.
well, i got my answer. No chance in picking that up. It's has 3 mortgages on it, all in foreclosure with 3 different banks. Lady went and took out all 3 mortgages at roughly the same time, so by the time she got her money, the other banks supposedly didn't know it, she skipped town with the money, one tried to foreclose on it but since it has a lien from 2 others that were also delinquent, that bank couldnt do a thing, its been going round and round in the courts for several years, finally the court ordered it to sheriff sale, cash only, with a reserve amount to pay off all 3 mortgages. meaning who ever buys it not only has to have the cash upfront, sheriff sale is cash only, but they're gonna be 3 times the appraised value of the property in the hole. this per the county recorder's office, who knew right away what property i was talking about
GeorgeH
Well-Known Member
There ya go!
yeah. Oh well. Never know, eventually the sheriff can seize it under unpaid property taxes and then by county/state law, they can only sell it for the appraised value. Cause I dont see anyone dropping 270,000 on this POS.
I don't understand why this is still possible in a modern country. In Zimbabwe I can see it but in the US? It amazes me.
I don't either, it has to do with processing time, but what I don't understand is the deed would be sent physically to the bank like a title to a car, wouldnt it? so how does 3 banks get the deed at the same time?!
zkx14
Duster De-ruster
You can get a second mortgage loan, but the first one has the deed. I guess if done simultaneously, they don't see each other processing? And they would probably never look for each other afterward till someone tried to sell and the liens come up.
You could never get a mortgage on a property here without every other financial institution knowing. There are databases, the property has a unique identifier, it just isn't possible.
The same goes for cars. They're registered to a person, the title of ownership can't be lost.
You can get a second mortgage loan, but the first one has the deed. I guess if done simultaneously, they don't see each other processing? And they would probably never look for each other afterward till someone tried to sell and the liens come up.
sounds like that's exactly what happened in this case. How, I dont know as there are supposed to be safeguards to prevent it. Either way. Sounds like the lady(in her 60s) pulled one over and skipped town.
Ben Drinkin
Hey bartender!
And if it does... Pics or it didn't happen!!
So who will pay 3 times what it's worth...
It's gonna sit until the banks are willing to take a loss to get rid of the debt...
They still have to pay the taxes on it....
What a cluster f*ck....
yep. apparently this has been an ongoing battle between the 3 banks since the first foreclosure filing in 2015.
maybe all 3 banks can open a branch on that property & share....
Wells Fargo deserves to loose....
Wells Fargo deserves to loose....
I like what mechanics wear, overall....
sounds like Wells Fargo has been paying the property taxes on it, so must likely, they'll win in the long run
how many accounts did they register to that address to pump up their numbers??? 8 is great....
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