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im trying to find out whats going on with an abandoned house in an area im looking to buy, i went to a government site and got the tax info its behind, i also have the name of the owner, i dont no if the house is in forecloser or not. but im thinking if i can find out what bank holds the mortgage, maybe i could persuade them into sell or transfer the mortgage. what do you think?
You shouldn't need the mtg co info, really. Just contact the owner to let him know you have an interest in buying the property. He may be happy to get it off his back. If he is interested in getting out from under it he'll share whatever details he needs to to get the deal done.
If you can't contact the owner, you can get leinholder info fromt he County Clerk's office. However, if the property is still listed int he Owner's name its not likely in foreclosure.
You may as Scott said, merely go to the court house and get the upto date info as to how many liens ( may be first, second, even a third) there may be a mechanics lein from a workman that did work on the house, you never know. Once you see that you will also know how much the orginal lien of the house was for.
If you went to the mortage company direct, assuming there is a mortage, and you bought the mortage off of them, that is all you own, the mortage.
You can only foreclose or start action if they are behind on payments on the property. If you bought the mortage, they may be merely making payments to you for the next 15 years at what ever interest was set by the mortage.
Often people own homes like this outright, it may have been something they inherited, or some home they moved from and could not sale for the price they wanted. I often buy old houses, there is one in town, that has been sitting for as long as I know, the owner wanted 10 times its value so that is why it has set empty.
It also may be that the "owner" listed is dead and his estate has done nothing with the house because they either can't agree or some legal issue.
Also while at the court house checkingit out, see how many years taxes are due on it, since they will be owed at the time anyone buys the property also.
I would advice going to the court house, getting all the upto date facts and then contacting the owner and see if you can make a deal.
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