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We have been falling out of luck with a lot of empty zombie houses we find, we currently have 12 we would LOVE to purchase and rehab but can't get the banks to do their job to get the deeds out of the previous owners names. We are dealing with 2 banks right now, Citi and HSBC. And there is nothing that can be done by the previous owners to get them out of their names so we can buy these houses and rehab them. In every situation the house is foreclosed and filed with the county as foreclosed, owner is out, some are even dead and the bank pays the taxes, sends guys out sometimes to cut the grass, utilities are disconnected.
Anyone had any luck getting the banks to step it up and get the houses up for sale?
Typically the houses are insured by fannie mae, freddie mac so they have to follow a process in order to get the insurance money. Foreclose, clear title, auction (fail), and finally list for sale with a local realtor.
Your attempt to speed up the process or get a deal, simply wont happen. This isnt the 1980's.
We have been falling out of luck with a lot of empty zombie houses we find, we currently have 12 we would LOVE to purchase and rehab but can't get the banks to do their job to get the deeds out of the previous owners names. We are dealing with 2 banks right now, Citi and HSBC. And there is nothing that can be done by the previous owners to get them out of their names so we can buy these houses and rehab them. In every situation the house is foreclosed and filed with the county as foreclosed, owner is out, some are even dead and the bank pays the taxes, sends guys out sometimes to cut the grass, utilities are disconnected.
Anyone had any luck getting the banks to step it up and get the houses up for sale?
the problem may be that the banks never had a legal right to foreclose, citi and hsbc are as notorious for their dirty deeds. same goes with mellon, chase... and every servicer out there. robosigning, fraud..it's rampant and most people are clueless until they are thrown into an illegal foreclosure. The government knows, and does nothing about it...
I've been the person who goes to cut the grass and winterize such homes, as well... the banks pay very litte for that and takes forever to pay...but they really don't give a **** if those homes sit empty and unkempt forever.
those houses will be in limbo for a long time, find another investment.
I don't know why they cant make a legal form that when one leaves the property- they record an instrument declaring they are abandoning and returning it to the bank-like a VOLUNTARY REPOSSESSION making the bank responsible for the property. Then code enforcement- HOA can come after the bank -- why must anyone wait on the bank to foreclose and drag the whole thing forever?
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