Zombie Foreclosure: JP Morgan Chase Bank NA

[Brad Smith]

Hello all,

New to the forums here, and I have been reading through some of the threads about "zombie foreclosues/shadow REO." I am in Atlanta and have been considering purchasing a distressed house via foreclosure or short sale, but I also wanted to explore the possibility of purchasing a note and foreclosing myself. My research so far has indicated that's more or less impossible, but I think I've come across a unique deal and wanted to post it to get some feedback. The house I am looking at would be considered a "zombie foreclosure" and here is a basic timeline of events:

1. Debtor files bankruptcy (2011)

2. JP Morgan granted relief from automatic stay and mortgage is removed from bankruptcy 

3. Debtor receives order of discharge 

4. Debtor files suit against JP Morgan  "Wrongful Foreclosure - Failure to Recrod Assignment" and "Wrongful Foreclosure - Failure of Secured Creditor to Give Notice"- (2012)

5. Court rules in favor of JP Morgan on Motion to Dismiss Suit - (2013)

4. JP Morgan receives Assignment of Security Deed (2013) (loan originated by WaMu)

5. JP Morgan files foreclosure notice (late 2013)

6. Debtor continues to live in house without paying anything, foreclosure never occurs

I have approached the homeowner about conducting a short sale and there is no interest. I have contacted many of the attorneys involved with the above legal proceedings to see if they can put me in touch with someone at JP Morgan but no one's willing to help, yet. My questions is whether or not it's worth pursuing a deal like this with JP Morgan directly? I have enough cash to make a strong offer to purchase the note, and I have a foreclosure attorney that has briefed me on the foreclosure process and eviction process, if it came to that. My problem is I do not know how to present an offer to JP Morgan.