Re: foreclosure
Posted by Donna on November 30, 2004 at 17:17:04:
In Reply to: Re: foreclosure posted by Keith(CA) on November 30, 2004 at 09:52:29:
: Donna,
: This doesn't really sound all that unusual. My guess is that the foreclosure auction came and went, and noone bid on the property. Because your bank has a vested interest in the property in the amount of the principal you still owed, title of the property was given to the bank. So, the bank "bought" the property with the money they had already loaned out to you.
: Normally, someone will go out to the property to get a visual inspection and BPO to determine condition and a rough estimate of value. If the property is found to be vacant (as in your case) the bank will order locks changed and the premises secured so that they can insure the property and protect whatever asset quality remains.
: The place in your (old) county where deeds are recorded for public viewing would be the place to start your search if you really want to know for sure. The type of deed used (Trustee's Deed, Sheriff's Deed, or something similar) is different than a normal sale when title changes hands by foreclosure. The county clerk or registrar should be able to provide a little more insight.
: A final word just to express my sympathies for your plight.
Thank you for your information. I guess they saw for themselves why we got out. No one else wanted to live by that either. I will do like you said and check. Maybe then I will know for sure because the attorneys or the bank aren't telling us anything.
Donna: : We just went thru the same thing. We bought a house 10 years ago on a private street with 33 acreas of cow pasture behind us. It was peaceful and we had a good view. Two years ago (we lived in Mobile county, Al.): : a insurance impound yard moved in and now there are 33 acreas of wrecked and mingled vehicles behind and beside our house. We started getting snakes, rats and more than our share of mosquito's. Our 6 year old couldn't play outside in fear of west nile or snakes. We tried to sell it but when one of our neighbors tried to buy it, the bank came out and said because of what was behind us, they wouldn't go more than $30,000.00. We had over a acrea and a quater of land with a brick house, two storage sheds and a garage. We ask attorneys if we could sue him, all five housees on this private road wanted to go in with us to sue but because we were in the COUNTY, they wouldn't touch it.: : We let it go into foreclosure and just found out today, that the bank we had it with, bought it!!! I don't know if it was actually in foreclosure before they got it or how it happened. How do I find out??? We tried to talk with the bank (bank of america) before the sale but they wouldn't talk to us. now we find out that they bought it. We went over last weekend to clean it but they changed the locks and today, we recieve a letter from the attorneys that we have ten days to be out. We have been out for two weeks. Thanks for any advice you might offer.
