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I've been noticing several homes with the same scenario.... the house has been abandoned for 2-3 years, it's been winterized by the bank, a lis pendens was issued approx 2 years ago.... but the homeowner was never foreclosed on and the deed is still in the homeowners name. I'm thinking this is a way for the bank to avoid paying property taxes, homeowners fees, etc since they don't legally own the home..... or is it really taking 2 years for a bank to go from lis pendens to foreclosure because it's obvious that the homeowner has been long gone and isn't trying to work out a modification.
Foreclosure laws vary from state to state. In some states it's a very lenghty process.
Just to give you an idea .. there may be several lien holders, each of whom may have a redemption period. Again, it's hard to say how long a foreclosure may take .. depends on the state laws, and other things that may cloud the title. Things such as an IRS tax lien (income tax, not property tax) may be in the way. Even if a first mortage holder begins a foreclosure action they may not end up with the property.
Foreclosure laws vary from state to state. In some states it's a very lenghty process.
Just to give you an idea .. there may be several lien holders, each of whom may have a redemption period. Again, it's hard to say how long a foreclosure may take .. depends on the state laws, and other things that may cloud the title. Things such as an IRS tax lien (income tax, not property tax) may be in the way. Even if a first mortage holder begins a foreclosure action they may not end up with the property.
Please explain your last sentence.
Lien holders can only go after a person's assetts
Thus, if a person has a $290,000 mortgage on a house valued at $300,000 he only has $10,000 in assetts.
The mortgage holder on a 1st mortgage may not get all his money recovered, but he will be the one getting the house back.
It could be any number of reasons, and there are plenty of ways to stall a foreclosure if the owner wants to.
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