Question for anyone who buys forclosures or knows about there managment pre auction

[O-cha]

House next door is foreclosed, have had 5 different guys come around with lawnmowers in the backs of their trucks claiming the bank sent them to cut the grass and asking if the HOA does the cutting how long it's been vacant etc. Then taking pictures of the house and leaving.

I'm wondering if this is legit and the bank is retarded or if they are people looking at the house to bid on it for auction.

Plus a week or two ago another guy claiming he was sent by the bank was asking the same questions, broke in "to secure the house and change the locks". Wasn't sure if he was legit but he did put the usual no trespassing sign inside the window (which was outside before).

[Vanity]

Originally Posted by O-cha

House next door is foreclosed, have had 5 different guys come around with lawnmowers in the backs of their trucks claiming the bank sent them to cut the grass and asking if the HOA does the cutting how long it's been vacant etc. Then taking pictures of the house and leaving.

I'm wondering if this is legit and the bank is retarded or if they are people looking at the house to bid on it for auction.

Plus a week or two ago another guy claiming he was sent by the bank was asking the same questions, broke in "to secure the house and change the locks". Wasn't sure if he was legit but he did put the usual no trespassing sign inside the window (which was outside before).

In some states, the foreclosure laws dictate that if the original resident is unable to continue payments and loses his house, leaves, someone else can come in and "live in the house for x-amount of time" and after that, assumes ownership. I believe that's what your "lawnmover friends" are trying to exploit. which is why one of them went into the house and changed all the locks. He's going to probably be living in there now.

[Blayne]

Originally Posted by Vanity

In some states, the foreclosure laws dictate that if the original resident is unable to continue payments and loses his house, leaves, someone else can come in and "live in the house for x-amount of time" and after that, assumes ownership. I believe that's what your "lawnmover friends" are trying to exploit. which is why one of them went into the house and changed all the locks. He's going to probably be living in there now.

Wrong.... Well partly, the person can "take care" of the property, they don't ever get to own it. Watched a whole thing on some show where some tool did this for over a year and then got the boot.

[O-cha]

Originally Posted by Vanity

In some states, the foreclosure laws dictate that if the original resident is unable to continue payments and loses his house, leaves, someone else can come in and "live in the house for x-amount of time" and after that, assumes ownership. I believe that's what your "lawnmover friends" are trying to exploit. which is why one of them went into the house and changed all the locks. He's going to probably be living in there now.

Originally Posted by Blayne

Wrong.... Well partly, the person can "take care" of the property, they don't ever get to own it. Watched a whole thing on some show where some tool did this for over a year and then got the boot.

Indeed, very wrong. There are some places with laws where if you "take care of" and pay taxes on a property you can claim ownership, but it's after many years, the laws I know of are between 8-10 years.


Where I'm sure you got this from was a story about a homeless guy camped out in a house with a tent. What was going on there was no one knew which bank actually owned the mortgage because of all the mortgage trading and the original got lost. He did not break in to start using the property so the police could not remove him due to the way the law was worded, and eventually, if the bank can not produce the note, he will own the property.

That is a very rare scenario.

[JiveTurkey]

Couple blocks away there is a foreclosed home. Guy comes in changes the locks. lol...heres the kicker. He rents it out for 18+ months @1800 bucks, until finally the banks wants to sell it. Bank was like WTF, but gave the renters/campers 45 days to move.