How Can I Find Out Which Homes a Fail Bank Owns?
Question by Kimberley: How can I find out which homes a fail bank owns?
I live in Detroit, MI when recently losing my home due to a fire set buy the neighborhood hoodlums I became homeless and dont have enough money to buy another house and I dont make enough to rent a house/apartment. I make $ 1036 per month and everybody I’ve spoken with require you make $ 1200-$ 1500. I know half of the homes in my neighborhood I been forced to leave has several abandon homes and I am thinking of following the Michigan Adverse Possession Law. All these homes are just sitting here, its nothing but a place for addicts to go get high, hoodlums to sell drugs out of, a spot for hookers to turn a trick, hoodlums to hide stolen cars, and easy access to take one of these kids into and rape them…ect. I’m willing to take my money and fix the house up and maintain the lawn (paint, window, floors, carpet, doors, locks, plumbing..ect) which would make a home for my children and I and get rid of all the risk factors. I’m not getting a free ride because these houses need $ 1000’s to bring them up to code and livable. I’m looking for abandon houses which belonged to banks that went out of business which I know how to obtain a list of the banks I just dont know how to find out which properties they owe…. Before tryin to follow the michigan adverse possession law I’m going to ask about buying the home (I only have $ 5000 to put down plus my monthly income)…. Any clue how I obtain this information??? (negative comments will be ignored) TIA
Best answer:
Answer by reenzz
Michigan’s adverse possession law requires that you live there without permission and you pay taxes…for 20 years without interruption. You also take the risk of the owner (there is one) finding out and having you arrested for breaking/entering & trespassing.
I suggest you go to the county and find out the owners name and see if you can purchase the property.
Know better? Leave your own answer in the comments!
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There are two problems with your approach. First, as reenz indicated, adverse possession in Michigan is NOT as simple as you think. You could live in a house for 18 years, paying to fix it, maintain it, and paying the taxes. The legitimate owner could still come back to claim the house from you, and you would lose every penny you paid. Second, when a bank fails, its foreclosed owned properties go to a DIFFERENT bank, which has agreed to take over the assets of the failed bank. Thus, it makes no difference if the house was once owned by a failed bank or not.
However, there ARE some great deals to be had in the Detroit area. Some of them are dirt cheap, and actually need very LITTLE repair. Visit http://www.realtor.com, use Detroit as location, and insert your maximum price. There are quite a few for $ 5,000. some need major repairs and others do not.
If a bank failed their bad mortgage loans are probably owned by Fannie Mae or Freddie Mac (which in reality, is the american taxpayer).
Fannie and Freddie have a way of divesting of these foreclosed properties; they list them with a realtor. The website they use is HomePath.com
Detroit has 253 homes for sale under HomePath.
The program offers 3% down for first time buyers and also offers rehab loans. Check it out.