Pennymac-owned property sits vacant in Chicago...next to mine

[Scott L.]

As some of you may have seen in the deal analysis section, I recently purchased a multi-family property in Chicago. Unfortunately, there is a foreclosed home next to mine, which (I think) is owned by Pennymac. It is deteriorating, especially the yard which has overgrown to the point of becoming an urban jungle.

How can I contact Pennymac to get more info on why the house sits vacant. The area is in somewhat high demand, so I don't understand why they won't auction it off. I think it has been sitting for around 3 years. I would actually be willing to buy the house if possible!

Do I have any other options? At the very least I would almost be willing to clean the yard up a bit, remove the 100 papers on the front porch, etc, but the gate around the house is chained. This would at least give potential squatters the perception that the place doesn't sit vacant.

Looking for any other general advice, knowledge, or suggestions. Thanks!

[Account Closed]

In Cook County the average time from when a lender files a foreclosure to when the property is auctioned at Sheriff sale is 682 days. I just purchased a home at the Sheriff sale where the lender filed the foreclosure in 2007. The case took five years to finally come to auction.

Try looking up the property, using the PIN number, on the Cook County Recorder of Deeds website: http://12.218.239.83/i2/default.aspx

The PIN number can be found on the Cook County Assessor's website: http://cookcountyassessor.com/

You should see a "Lis Pendens Foreclosure" file on the Recorder's site. Click on "View Image" and a copy of the foreclosure filing should pop up. Check who the attorney is who filed the foreclosure.

You can try calling the attorney to check on the case's status.

If the home has not been auctioned off yet, you can try buying it at the Sheriff Sale.

If it has already gone through Sheriff sale then either Pennymac or a third party now owns the home.