Foreclosure Home Brew

[Jarrod Weaver]

I have been trying to purchase a property that has been stuck in foreclosure limbo for a couple of years. The owners are deceased, the children didn't want anything to do with it and the bank holding the note wasn't too interested in completing the foreclosure because it was going to cost them more than the property is worth to do so.

In the process, I have spoken with the heirs (who signed away their heir-ship), the attorney representing the defendants (idiot), the attorney representing the bank, and the loan servicing company. After 6ish months it appears we are finally making headway.

While speaking with the bank's Director of Operations earlier, she suggested that I purchase the note instead of the property and then complete the foreclosure on my own. Since there is no one that would contest the foreclosure it should be a procedural process not involving litigation.

Have any of you experienced this situation in the past? I've read about it but certainly have never done it before.