Bank bought my home at sherriff's sale

[thomegunn]

The bank bought my house at a sherriff's sale several years ago. I thought that now they owned it, but it is still listed as my property. How can this be?

[tobee43]

it shouldn't be. the bank should have transferred the deed by now, however, i know in nj the banks have 20 years to make that name change and to transfer the deed over to their names, even if they did buy it back. i do not know what the statue of limitations for the name/deed transfer is in pa.

this is exactly, why i say to people who worry about still having their names on the deeds, is simply not as important as to prove that either the house was taken back by the bank, surrendered, or sold, whatever the case may be.

it may still be in your name, however, you are no longer responsible for anything at all. i would attempt to go into the bank and see someone about it, just to see what their explanation is.

the way it's suppose to go is when the house changes hands over to the bank or whomever, the deed should transfer and reflect the new owners name.

[thomegunn]

The home is in Florida. The bank bought it at sherriff's sale in 2009 for back taxes. It is still in my name and they have not foreclosed on the mortgage yet. I am receiving letters from chase about apparent damage to the property, which I know nothing about. They want my to send them Mortgage Affidavit, Contractors Lien Waiver, Form W-9, Contractors Estimate, and Inspection Report so that they can proceed with the processing of my loss claims draft claim fund. I don't understand why I am getting these requests.

[tobee43]

The home is in Florida. The bank bought it at sherriff's sale in 2009 for back taxes. It is still in my name and they have not foreclosed on the mortgage yet. I am receiving letters from chase about apparent damage to the property, which I know nothing about. They want my to send them Mortgage Affidavit, Contractors Lien Waiver, Form W-9, Contractors Estimate, and Inspection Report so that they can proceed with the processing of my loss claims draft claim fund. I don't understand why I am getting these requests.

the house had to be foreclosed upon for it to be a sheriff's sale. the sale of the real estate comes at the end of the foreclosure process when ; at the sale, the first lien holder can nullify all other liens if he's the successful bidder. so, the bank holding the first lien can buy it back etc. THUS: all lien waivers IMHO should have been resolved at that time.

chase let this house go for back taxes!!!!!!!! then brought it back and now they want you to sign all these documents. NO way! all of that should have been done when they did their title search/ etc when they purchased the house back.

i hope one of our great resident atty's will chime in on this, but i am hard press to believe you are obligated to complete anything since they purchased the property 3 years ago.

[despritfreya]

TB asked me to look at this. . .

I do not know anything about Fl property tax sales so I am going on what happens in AZ. In AZ the bank would have advanced funds to pay the delinquent property taxes as anyone who purchases the tax roll at a "sheriff’s sale" can foreclose on the property after the passage of 2 years. The judicial foreclosure of a tax roll eliminates all encumbrances on the property, including the mortgage liens. Great investment opportunity.

My guess is that the lender purchased the tax roll (not the property) at a sheriff’s sale (or advanced funds to pay the delinquent taxes) and simply has not exercised its judicial foreclosure rights - either foreclosure due to the purchase of the tax roll or foreclosure due to the mortgage. As a result, the property is still in OP's name and is subject to all liens and encumbrances of record.

Again, wild guess.

I agree, you should not send anything.

Des.

[tobee43]

TB asked me to look at this. . .

I do not know anything about Fl property tax sales so I am going on what happens in AZ. In AZ the bank would have advanced funds to pay the delinquent property taxes as anyone who purchases the tax roll at a "sheriff’s sale" can foreclose on the property after the passage of 2 years. The judicial foreclosure of a tax roll eliminates all encumbrances on the property, including the mortgage liens. Great investment opportunity.

My guess is that the lender purchased the tax roll (not the property) at a sheriff’s sale (or advanced funds to pay the delinquent taxes) and simply has not exercised its judicial foreclosure rights - either foreclosure due to the purchase of the tax roll or foreclosure due to the mortgage. As a result, the property is still in OP's name and is subject to all liens and encumbrances of record.

Again, wild guess.

I agree, you should not send anything.

Des.

des, thank you so much. i must admit i have never heard of the sheriff's sale to purchase the tax roll. in light of the your observation and i understand your "wild" guess makes too much sense not to be the situation which this OP is experiencing.

i found or find it difficult to believe chase let this go for back taxes, so what you are saying makes perfect sense when applied to this OP.

the Op doesn't mention if he/she filed BK, however, if the OP listed this house and it was discharged in the BK shouldn't that have resolved this situation?

[thomegunn]

Thank you for the replies. I have not filed for BK yet since Chase has not filed a judgement against me yet. I actually had two investment properties. Both went to sherriff"s sale for taxes in 2009. Bank paid for both at the sherriff's sale. The bank (Chase) foreclosed on one property and then sold it. The second property is still listed as owned by me and I still get letters asking me to pay for it. As far as the property damage claim goes I do not know who filed the claim for it.

[despritfreya]

I actually had two investment properties. Both went to sherriff"s sale for taxes in 2009. Bank paid for both at the sherriff's sale. The bank (Chase) foreclosed on one property and then sold it. The second property is still listed as owned by me and I still get letters asking me to pay for it.

This tells me that my "thought process" may be on the right path. Sounds like the bank purchased the tax roll and then foreclosed the tax roll (after any required redemption period) on 1 property - similar to what happens in AZ. The bank also purchased the other tax roll but has yet to exercised the right to foreclose and can elect to do so in one of two ways - foreclose the purchase of the tax roll or foreclose on the mortgage lien.

By the way, in AZ, interest accrues at 16% over the 2 year redemption period. Like I said, great investment opportunity.

Des.

[despritfreya]

if the (debtor lists the) house and it was discharged in the BK shouldn't that have resolved this situation?

Don't think so, at least as it relates to the property taxes which run with the land. - If that is what you are referring to.

Des.

[tobee43]

Don't think so, at least as it relates to the property taxes which run with the land. - If that is what you are referring to.

Des.

i understand, and yes, it is or was what i was referring to.

thanks again des