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Updated over 3 years ago on . Most recent reply

User Stats

108
Posts
27
Votes
Edward R.
  • Real Estate Investor
  • La Fayette, NY
27
Votes |
108
Posts

Prospect of a foreclosure - Quicken loans and Five Star bank

Edward R.
  • Real Estate Investor
  • La Fayette, NY
Posted

I am eyeing a good-looking property that the family moved out of for almost a year.

I've emailed back and forth with law office representing bank during the foreclosure (taking forever due to court delays).  The bank involved is Quicken and Five-Star bank.  I am wondering about trying the short sale approach to the former owner (remember they moved out) as she was worried about being removed from the home during the foreclosure proceedings and wanted to move on with her life.  

What does Quicken & Five Star (which one owns it? quicken is just a servicer right?) typically do with their nonperforming assets?  courthouse sale?   Would I be better off having a real estate attorney approach homeowner about a short sale?  

This would be my fourth purchase, the other three were from courthouse sales.

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