I live in Baltimore and am presently homeless. However, I own three row homes here. I bought them all back in 1999 and have since included the mortgages in a bankruptcy. However since 2003 all three are still listed on public record as being owned by me. All are in pretty rough neighborhoods and have been boarded up by the city. My question is since I am still owner of record of these houses, am I allowed to move into one of them until I get back on my feel? The properties all need to be rehabbed, but in spite of their conditions is better than sleeping in my car. I wonder what I should do. Any suggestions would greatly be appreciated…
If utilities on, yes
Having some particular experience with a tenant living w/o elec on and watching city Health Dept Inspector evict her I now know that one cannot legally live in bldg in the city w/o utilities.
But I’d suggest you talk to city HD and see if they’d grant you a pass to live there for a while w/o utilities with your promising to either be gone or have them on by certain date.
I interpreted the question differently. I assumed that the OP was asking if he would be trespassing if he entered the properties, my answer to that would be “NO!”.
As far as the is it habitable? question. There is a lot left out here. Why were they boarded up? Are they posted as non habitable? Can you get the power turned on? How agressive is local government in enforcing such matters. If it was me i would just move in till someone with a badge told me I had to move, I wouldn’t bother asking anyone, I don’t think you would be commiting any crime.
You can probably sell them and pocket full value.
The same happened to me. The foreclosures were dismissed and it is past the 5 year statute of limitations, so I now own two properties free-and-clear. I am waiting on a title exam to see if there are any problems, but so far it looks like I still own them.
MD statute of limitations is 3 years, so you are probably in the clear. Go talk to a title agent. Note that the bankruptcy tolls the SOL (stops the clock) while the bankruptcy was open, but your title agent should know how to compute it.
SO much depends on the individual neighborhood.
In Atlanta, there was a squatter living next door to one of my houses. He’s been in there at least 2 years and even with many complaints, the code enforcement has not been able to get him out. And he doesn’t even own the house - mortgage fraud, straw buyer long gone and mortgage company not foreclosed.
If I were you I’d move in until whenever. Can you get the utilities turned on?
And check on what Marc Donovan wrote. I once bought 10 properties that had gone through bankruptcy. The bankruptcy took 9 years before it was finished. When they started the properties were in war zones and when they finishe dup they had become much better neighborhoods.
ANyway, in Georgia/FUlton COunty there’s a 2 year deadline after bankruptcy. The trustee had already destroyed his file and wanted nothing more to do with the properties. I was legally able to buy from the CEO and secretary of the defunct company, with title insurance.
Good luck
[QUOTE=marcdonovan;886316]You can probably sell them and pocket full value.
The same happened to me. The foreclosures were dismissed and it is past the 5 year statute of limitations, so I now own two properties free-and-clear. I am waiting on a title exam to see if there are any problems, but so far it looks like I still own them.
MD statute of limitations is 3 years, so you are probably in the clear. Go talk to a title agent. Note that the bankruptcy tolls the SOL (stops the clock) while the bankruptcy was open, but your title agent should know how to compute it.[/QUOTE]
many variables here. But, I highly doubt you own them free and clear. Actually sell one with title insurance and your claim will be more credible.
I doubted it too. I will post the results of my title search here, so that we all know. I have met three people that have had the same situation and they all own their old property without encumbrances.
[QUOTE=marcdonovan;886325]I doubted it too. I will post the results of my title search here, so that we all know. I have met three people that have had the same situation and they all own their old property without encumbrances.[/QUOTE]
The title search that you did yourself? Or an owner and encumbrance report that you got from the Title company for free? Do you think the DOT just disappeared from the public record? Do you think the Bank recorded a Release of DOT? If you post a title search that does not include a DOT against the property it is only because the person that did the title search did not do it properly. The only thing that is going to impress anyone that understands real estate recording laws is if you sell the property to someone and get the title insured by a title company.
Kev,
If you did move in and the city did not like it, what will they do? They are unlikely to take action due to trespassing. They might be able to move you out due to habitability. Having a place to stay could be better than the car assuming the place is safer than the car.
[QUOTE=Jack5;886331]The title search that you did yourself? Or an owner and encumbrance report that you got from the Title company for free? Do you think the DOT just disappeared from the public record? Do you think the Bank recorded a Release of DOT? If you post a title search that does not include a DOT against the property it is only because the person that did the title search did not do it properly. The only thing that is going to impress anyone that understands real estate recording laws is if you sell the property to someone and get the title insured by a title company.[/QUOTE]
I have asked my title agent what she would need to close a sale. She said she will have something for me on Tuesday. They foreclosed and the judge dismissed the cases. Now it is past the statute of limitations, so if they try to sue, I say sorry, it’s too late. I have not made it down to look at the cases, but I’m pretty sure they could not produce the note. This is a judicial foreclosure state, so it’s probably different in your state.
This is happening a lot these days. I heard Gatten is specializing in these things.
Screen your tenants carefully. You are entrusting them with your investment. Find tenants who have jobs, have a history of being stable and reliable with the places they live and the employment that they have. Check references, check credit and verify, verify, verify to find the right tenants.
Jim