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Updated about 8 years ago on . Most recent reply

User Stats

55
Posts
23
Votes
Ahmed Souissi
  • Rental Property Investor
  • Orlando, FL
23
Votes |
55
Posts

Property is vacant and owner had bankruptcy many years ago

Ahmed Souissi
  • Rental Property Investor
  • Orlando, FL
Posted

Hello, this house have been vacant for a long time so I decided to search the owner and give her a call she said that she had bankruptcy and don't know nothing about the property for many years, and said that Wells Fargo are The lender, in the property appraiser it shows that she still the owner,

Can I buy it from her ? What should I do ? 

Most Popular Reply

User Stats

1,318
Posts
703
Votes
Darrin Carey
Pro Member
  • Lender
  • Dayton, OH
703
Votes |
1,318
Posts
Darrin Carey
Pro Member
  • Lender
  • Dayton, OH
Replied

If a property owner files Chapter 7 Bankruptcy, and it is discharged, it essentially removes their name from the note. The Mortgage and the Note remain attached to the property unless they are specifically released by the lender.

I have acquired multiple properties this way. In some cases the bank had already released the lien, but the owner of record was never notified.

@Ahmed Souissi You're nearby, feel free to call me if you want to chat.

  • Darrin Carey
  • Loading replies...