Legal Question in Real Estate Law in Massachusetts
Recently Vacant Homestead
From research I have learned that the mortgage on this home was held by a mortgage co that is in bankruptcy. The owner has abandoned it and I think has been in bankruptcy court. How can I pursue for purchase? It is not for sale. The mortgage co doesn't know anything about it. It is not in the foreclosure listings. The foreclosure agent in the area has no information. HELP! It is going to sit unheated through the winter.
1 Answer from Attorneys
Re: Recently Vacant Homestead
If the mortgage compnay is in bankrupcty, then the asset (the mortgage or the foreclosed property) can only be sold with approval of the bankrupcty court. That said, the mrotgage has likely been reassigned since most mortgage companies do not "hold paper" that they generate. If the owner still owns it or has it listed as a bankruptcy asset, then, again, the court has to approve the sale. If the building sits unheated for a winter and the pipes freeze and burst, it will be that much cheaper to purchase in the spring.
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