Chase Prime REO Help

[Bryce Canfield]

Hi everyone.
I wanted to say what an awesome resource this forum is...

I joined today (so yes this my first post) specifically to learn how best to approach (steps to take) towards said bank regarding a property that they have taken back.

Home is now owned by Chase Prime
It has sat empty for well over a year.
It has 3 mortgages on it.
Retail for home is 365k
Mortgages and Fee's total 700K

Home does have some needs (remodeling cost roughly $75k)

I just finished reading this: http://www.biggerpockets.com/renewsblog/2009/10/05/top-20-tips-making-offers-freddie-machome-steps-reo-properties/

Hoping to compile something similar as the above article, like a short to do list.

I am not emotionally attached to the property and do understand it may not be doable but I would like to give it my best shot since my wife and I both love this home..

I appreciate everyone's input in advance..

Bryce

[Steve Babiak]

Originally posted by Ned Carey:

...

I know what you mean, however the property does not have three mortgages on it. If chase owns it, they took it over via a foreclosure. All mortgages are wiped out in the foreclosure.

...

Agree with Ned that if Chase owns it, there is no need for you to be concerned about paying off mortgages that were on the property at some previous time.

However, ALL mortgages are NOT wiped out in foreclosure. To be more accurate, all junior mortgages and liens, and the foreclosing mortgage or lien, are extinguished with the foreclosure. Liens that were more senior than the foreclosing lien remain attached to the property.

But any of those more senior liens would be Chase's problem in this case ... Your offer to purchase will have wording to the effect that you will receive clear and marketable title - so Chase will have to pay off any remaining more senior liens in this case.