Foreclosure in Elmwood>Question Details

Sztlp418, Other/Just Looking in Elmwood, Philadelphia,...

A friend of mine moved out of state. He did not pay the taxes on his property. He came back and the house was

Asked by Sztlp418, Elmwood, Philadelphia, PA Tue Jul 7, 2009

burned down. He had no fire insurance. What should he do?

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Did he own it free and clear or did he have a mortgage?
1 vote Thank Flag Link Tue Jul 7, 2009
Thats rather unfortunate and this property may just be a loss. Was it owned free in clear (minus a mortgage)? If not, he's going to owe the principle amount to the lender regardless of whether the property inhabitable or not. Without the proper property insurance the city owes your friend nothing. In fact, he may actually end up owing the city for any services they have provided thus far (i.e. cleaning, demo, securing etc). To add insult to injury they can even impose a lien on the property for lack of payment. However, it is possible that the lot/property could still be sold and some of his money recooped. If he is interested in doing this please contact me. I actually specialize in selling problem properties much like the one your friend owns. I also deal with plenty investor who would be interested in seeing his property and even submitting an offer to purchase. You can reach me via email or phone 2156815520. Best regard and I wish him luck.
0 votes Thank Flag Link Tue Jul 7, 2009
The city put it on the tear down list and charge him for the board up. They will put a lien on the property for any of the city services. . It is possible that someone will buy the house/lot depending on the location and condition
There is still some hope here. Michael Cohen Premier RE 610-642-0347
0 votes Thank Flag Link Tue Jul 7, 2009
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