Posted by ~~Beachboy-Ga on December 27, 2004 at 04:37:20:
If bank of america is paying taxes on it, prehaps you are talking to the wrong person at the cooperation,Talk with them and ask them if they will sign a quit claim deed to the property.You might be surprised what happens… I had one given to me(a lot) by a big cooperation like that.They said they didn’t own it so they signed a quit claim deed and I recorded it… Long ago sold it and made off well with it… good luck
Emminet Domain on Abandon House - Posted by Bill Guerra
Posted by Bill Guerra on December 27, 2004 at 02:44:25:
Hi,
have this house that has been vacant and vandelized for about 2 years, bank of america is paying the taxes on it. Yet after several attempts have been made to contact the bank who state they do not own it. amd are very hard to get cooperatin. Tax records show otherwise.
Myquestion is can i go in fix it up and rent it out month to month? I hear the worse tht can happen is simply a tresspassin fine. Needs about 8k work on it, I am considering taking the risk, my thought is geez, they would simply have to sell it to me once they figure out they own it!
Thoughts, experiances, ideals?
thank you,
Bill
Re: Emminet Domain on Abandon House - Posted by Stew(NE)
Posted by Stew(NE) on December 27, 2004 at 14:36:16:
Here is another angle. Maybe they don’t own it.They could have sold it off as part of a charged-off debt package to a company like Alegis. I ran in to this when I was trying to buy a foreclosure and the big Bank had sold it off to Alegis, unbeknownist of the branch bank. Ask them who do they sell their charged-off debts to?
This is from site who hates debt collectors. But you can talk and buy from collectors.
“Alegis Group LP was created in July 1992 is a wholly owned subsidiary of Sherman Financial Group LLC”
Alegis purchased portfolio’s of ‘charged-off’ debts from various banks (ie; Mastercard, Visa, Discover, etc.) for approximately 4-6¢ on the dollar. Then, like a Las Vegas high roller, is gambling that their ‘goons’ can convince (ie; threaten intimidate, harass) debtors to pay up, based on their highly inflated figures.
Re: Emminet Domain on Abandon House - Posted by Kristine-CA
Posted by Kristine-CA on December 27, 2004 at 11:54:32:
I suggest that before you go any further at all that you take a hard look at all the title information. Tax records reflect only who the tax assessor sends a tax bill to–there are A LOT of variables regarding ownership.
I’ve done what you are intending to do and I can tell you that there are many risks. But you can minimize your risk by understanding all the title details on the property. Also, you need to understand your state law regarding adverse possession or eminent domain.
Happy researching. Kristine
Re: Emminet Domain on Abandon House - Posted by Nike
Posted by Nike on December 27, 2004 at 09:27:02:
Have a title company run title–forget the tax records. What liens attach to the property? Approach the owner of record and make an offer. Where is the property?
I think you mean adverse possession not eminent domain. It’s one thing to consider adverse possession when dealing with vacant property/lots–another matter with a single-family home–particularly if you’re thinking about investing 8k+ into the property.