3rd Owned NTS Question

[Account Closed]

I have someone that wants to sell their property to me. Right now it says an NTS was filed last month, there was already a sale date that passed, and now the foreclosure stage is "3rd Owned". Does this mean that the mortgage debt was sold to someone and they now own the house? It seems like the original owner is still on title. The owner told me that a company paid off the owners remaining mortgage balance and have now posted a paper notice on the house saying the owner is evicted. However the owner is making it seem like if they pay off that company then they still own the house. If I were to buy the house would I have to pay that company or would they be paid out of escrow like any other mortgage? If the foreclosure stage says "3rd Owned" is it likely that the original Owner can still sell the house?

[Wayne Brooks]

Never heard the term “3rd owned”.   Maybe “sold to 3rd party”.   What state is this in? Are there redemption rights after a mtg foreclosure there?  You need to know the foreclosure laws that apply.