Bank won't foreclose on Pigs Wearing Lipstick

[Bret Doman]

It was the year 2006 anyone not buying real estate was considered a fool. 

I was the mortgage broker for a buy and hold investor that ventured into a drug-infested neighborhood and purchased two homes for $145,000 each, the pig's wearing lipstick. Bold rehabbers had supposedly turned the community around. 

What they did not mention was that they kept guard day and night in order to keep copper wiring and plumbing from vanishing before the big payday from the flip. Every home received a new A/C compressor the day before closing and not a minute sooner. OK OK you get the picture.

Tenant left and days later the new A/C unit, plumbing, and wiring also went.

It's 11 years later, the bank has not received a payment in 8 years, they have written off the debt and no longer reports the negative payment history to the credit bureaus BUT the city of Atlanta expects payment for taxes and general upkeep of the yard.

Can a quiet title action be a remedy so that he can dispose of these properties?