All Forum Posts by: Matt Damico

This property has a home on it but it's a tear down.  If you were to rehab it the county said it would be nightmare to get everything to code.  Myself and my bank are considering it vacant ag land.  we plan to re zone, develop and operate our business there.  

By the way I am new to bp. If there is a better place to post this please let me know. Subject property is in Illinois

I'm looking at purchasing a property that is going to a sheriff sale very soon. Two liens on property which are the two mortgages not being paid. Bank has been covering property taxes the past year or so. Property going to sheriff sale for judgement amount that is first mortgage in line including the taxes the bank has been paying. Property comps at a little more than the judgment I was told not to bid at Sheriff sale and let bank buy back. No one should bid because second mortgage will become first after the sale. If you paid off both mortgages it comes out to be twice the market value price. What is the best way to approach the bank after they buy back? Anyone have any contacts or suggestions on what department to or who to contact at Citi Mortgage?

I'm looking at purchasing a property that is going to a sheriff sale very soon. Two liens on property which are the two mortgages not being paid. Bank has been covering property taxes the past year or so. Property going to sheriff sale for judgement amount that is first mortgage in line including the taxes the bank has been paying. Property comps at a little more than the judgment I was told not to bid at Sheriff sale and let bank buy back. No one should bid because second mortgage will become first after the sale. If you paid off both mortgages it comes out to be twice the market value price. What is the best way to approach the bank after they buy back? Anyone have any contacts or suggestions on what department to or who to contact at Citi Mortgage?