Posted on: 04th May, 2009 07:10 am
purchased a prop from the district attorney's drug forfeited property auction sale in philadelphia. the da received a judgement against the homeowner and sold the property to me. the da had filed a lis pendens in 11-07 against the property. on jan 14, 08, the mortgage company assigned its mortgage to a new company. on jan 18, 08, the new mortgage company filed foreclosure proceedings. they were granted a judgement against the homeowner / defendant in june 08 for failure to answer the motion. in december 08, the property was listed for sheriff sale, but was postponed. on mar 16, 09, the da received a judgment against the homeowner and an order was created to forfeit the property under the illegal drug act. on mar 16, they also released the lis pendens. on mar 19, the mortgage company (who took over the assignment of mortgage on jan 14, 08) filed a writ of execution. on mar 24, the premise was posted with notice of sheriff sale. on april 30, the da sold the property at auction to the highest bidder. the terms and conditions of sale did not address the mortgage lien. they did say the liens owned by the city would be forgiven. a quit claim deed will be issued at settlement from the da to the new purchaser.
question 1: the mortgage company purchased the note from another bank after a lis pendens was on record. does that mean their forclosure action is negated?
question 2: as the new purchaser, will the mortgage company try to foreclose against me?
question 3: if i offer to settle the mortgage lien, how much should i offer. do i even have to pay the lien? the lady borrowed $68k in june 2000, and the amount owed to the new mortgage company is $82k. how is that possible? do they have to prove what she owes? city records show the fmv of $47,700.
question 4: i will have a deed to the property. does the mortgage company need me to agree for them to sell and do i need them to agree to sell it? who has the upper hand right now?
question 5: how long are liens good for? is there a statute of limitations?
question 6: what are my options? the property needs a lot of work, at least $30k based on my estimates and i have pictures. could i use that information to bargain with the mortgage company to settle the lien? there is an attorney involved since the property was eligible for foreclosure.
i am located in philadelphia, pa.
question 1: the mortgage company purchased the note from another bank after a lis pendens was on record. does that mean their forclosure action is negated?
question 2: as the new purchaser, will the mortgage company try to foreclose against me?
question 3: if i offer to settle the mortgage lien, how much should i offer. do i even have to pay the lien? the lady borrowed $68k in june 2000, and the amount owed to the new mortgage company is $82k. how is that possible? do they have to prove what she owes? city records show the fmv of $47,700.
question 4: i will have a deed to the property. does the mortgage company need me to agree for them to sell and do i need them to agree to sell it? who has the upper hand right now?
question 5: how long are liens good for? is there a statute of limitations?
question 6: what are my options? the property needs a lot of work, at least $30k based on my estimates and i have pictures. could i use that information to bargain with the mortgage company to settle the lien? there is an attorney involved since the property was eligible for foreclosure.
i am located in philadelphia, pa.
your next to last sentence mentions an attorney. whose attorney is this? if yours, then i'm going to opine that you've not been given appropriate services. my rationale behind that opinion is that all of these 6 questions ought to have been answered long before you decided to come to this community and post.
unfortunately, i have no background of being involved in transactions that resulted from drug forfeitures. obviously, there was a mortgagee involved that has suffered from this situation, and i guess they'd dearly like to be compensated.
i have no real answers for your questions - if you do get this resolved, please come back and post again so this community can be edified.
unfortunately, i have no background of being involved in transactions that resulted from drug forfeitures. obviously, there was a mortgagee involved that has suffered from this situation, and i guess they'd dearly like to be compensated.
i have no real answers for your questions - if you do get this resolved, please come back and post again so this community can be edified.
When I mention an attorney, I am talking about the lawyers office that is listed on the writ. I have not consulted an attorney.
i'd suggest you do.
You need to contact your own attorney to review all the documents associated with this property. I would have suggested having an attorney review the documents prior to doing anything, but considering we are past that point you must do so now to have all questions answered. I hope this helps...
While I appreciate that people are reading my post, I do not consider a reply of "contact an attorney" a useful answer. Please do not respond if you don't have any real experience that you can share, or other advice.
Thank you
Thank you
clearly, the advice to consult with an attorney isn't being heeded - no wonder you don't want anyone to suggest it.
wouldn't it be a trip if doing so was just what the doctor ordered?
wouldn't it be a trip if doing so was just what the doctor ordered?