All Forum Posts by: Jack Tesell

Dion,

Thanks for the response. I believe you have explained most of the process but I just want to add a few things.

Property is in Mass Non-Judicial

Original borrower's debt was discharged in the Chapter 7.

QCD signed over to new party after bankruptcy discharge.

The original borrower received a letter to foreclose 7/14 which stated he is not responsible for any indebtedness.

So this is what I don't understand if the bank forecloses does that render of the current QCD invalid? Does the bank have to sue to get quiet title. Who has the superior position and how does either party get clear title.

Sorry for the ramble just trying to figure it out.

Thanks again,

Jack

An LLC would protect you personally in most cases if something goes wrong with a business deal. In Ma it cost $500 per year but believe it is well worth the investment.

Need help or insight to what happens after these steps have been taking

Bank files complaint on house 3/2007

Owner moves out

Owner files bankruptcy 7_2009

Motion of Stay filed by bank 8_2009

Relief of Stay Granted 9_2009 to bank

Bankruptcy discharged 11_2009

Owner Quit Claims deed to a second party 3_2014 (owner cant buy house because his name is still on the old house)

Bank send letter to foreclose 7_2014 7 years after complain was filed and the deed in no longer in his name and the debt has been discharged in Chapt 7 Bankruptcy.

Any one know how the rest of the story plays out?? The bank can forclosure on their "lien" if perfected (questionable through assignments) but can't get Title (Deed) without proving they have a superior lien?

Thanks,

Jack

Hi Nathalie,

I have been looking at them for about 6 month now and working on a method to purchase them. Every property is a little different. I am in MA and there are properties that have had a complaint filed for foreclosure but never foreclosed on. The property is still in the owners name but the bank/servicing company is paying the taxes and upkeep. I think your best bet is to try to purchase the rights from the bank. That being said it is not an easy task and you need to do a title search to see if there are any other problems. Will let you know how I make out and good luck.