Expert: liznarr - 4/12/2007

Question
We are trying to buy a property that went through foreclosure from the lender.  It is a house located on two lots and the lot divides between the house and garage.  The 2nd lot where garage and rest of lot lie was not included in the orginal foreclosure.  What is going to be the next step to get the full property?  And how long will it take to clear this property?

Answer
Tara,

If the second lot was not included in the original foreclosure, you should ask some pointed questions of the lender as to the status of the second lot.  

Could it be that there is a separate mortgage on the second lot that is “not” in default, or no mortgage at all on it?  There are just too many unanswered questions about the status of the second lot that, without additional information, I could only venture a guess as to what might be going on.

If the lender cannot supply answers you need, you may want to have the title of the second lot researched to verify ownership and determine if there is an outstanding mortgage against it, and whether or not it there has been a default.

Good luck to you, and write again if you have additional questions.

Regards,
Elizabeth