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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Should I contact the bank? Posted by TXlandowner on June 18, 2002 at 9:14 AM I need information on how to purchase a piece of property that is in (or about to go) into foreclosure. I want to buy it because the property is adjacent to mine. For this reason, I am willing to pay whatever it takes to get it. The owner will not sell to me and here's what I know about her situation. The owner was recently notified that her "home equity loan" on the property would be foreclosed on if she didn't pay a certain amount by a certain date. She just took out this loan 16 months ago. By selling some personal property, she was able come up with the money the day after the deadline. I am assuming this took care of the bank for now. Another thing I found out at our local County Appraisal Office is that the bank that holds this loan has paid the taxes on this property. Is it common for a bank to pay past due taxes on property for which they hold a loan? (These taxes had been delinquent for years. The local school district recently sold off some of this owner‘s nearby property due to delinquent taxes.) Should I contact the bank that holds the loan and let them know I want to buy this property? Would the bank be more inclined to follow through with the foreclosure on a loan that is already in default after only a year? Would the bank be less willing to work with the current owner if they knew they had a definite buyer? Or should I just wait for the inevitable foreclosure to take place? Thank you for your help. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I need information on how to purchase a piece of property that is in (or about to go) into foreclosure. I want to buy it because the property is adjacent to mine. For this reason, I am willing to pay whatever it takes to get it. The owner will not sell to me and here's what I know about her situation. The owner was recently notified that her "home equity loan" on the property would be foreclosed on if she didn't pay a certain amount by a certain date. She just took out this loan 16 months ago. By selling some personal property, she was able come up with the money the day after the deadline. I am assuming this took care of the bank for now. Another thing I found out at our local County Appraisal Office is that the bank that holds this loan has paid the taxes on this property. Is it common for a bank to pay past due taxes on property for which they hold a loan? (These taxes had been delinquent for years. The local school district recently sold off some of this owner‘s nearby property due to delinquent taxes.) Should I contact the bank that holds the loan and let them know I want to buy this property? Would the bank be more inclined to follow through with the foreclosure on a loan that is already in default after only a year? Would the bank be less willing to work with the current owner if they knew they had a definite buyer? Or should I just wait for the inevitable foreclosure to take place? Thank you for your help. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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