What is this home selling for and what bank has control of it presently?

Asked by Michael Haggert, 46062 Thu Mar 19, 2009

This question is about this property: http://www.trulia.com/homes/Indiana/Noblesville/sold/302614-…

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Marita Topmi…, Agent, Indianapolis, IN
Thu Mar 19, 2009
Hi Michael,

The home was priced at $109,900 when it expired 12/25/08. What a
Christmas. It came on market 6/27/08 for the first time at the same price.
It was advertised as a possible short sale; as is; with only 1 photo

It is currently still titled to the original owners. The bank has probably sent it
to trustee - debt collection..... It's not back on the market yet and we will have to wait for all the paperwork
to be finished before we will see it active again.

It has been my experience that many banks are passing control to a trustee and the trustee passes it
to a debt servicing company. It has become part of the stream lining process to make the chain longer.

If you would like me to watch it for you and send you the info when it's back on market, let me know.


Marita Topmiller
Assoc Broker/ Realtor
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Eric Karrfalt, Agent, Noblesville, IN
Thu Mar 19, 2009
The last listing of this property expired 12/25/2008. Tax information still indicates it is homeowner owned. Unless there is some information at the home or the owners can provide you with the mortgage company, it can be hard to track down who the mortgage company is. I have listed repos that have been vacant for years because after it was forclosed, somewhere along the line, the loan servicing was sold and a new lender picked up the bad debt. Everything had to be reverified that there was indeed marketable title. So in short, legal issues must play out before this property can be brought to market. The property may still be in some stage of forclosure and the mortgage company does not have marketable title to the property. Thus, it sits. Until such time a mortgage company gets title to the property, the owners legally have a chance to redeem it. Until that time it cannot be sold. That answers the question of why you might see so many vacant homes sitting with nothing being done with them. A web site called Realty track is an aggrigator of forclosure type properties. They also list all those that are pre-forclosures, and those that have recieved notices of default or that may be on notice for deliquent taxes. Not all of these homes will be forclosed, so it can be somewhat confusing.
I know my answer did not address your question. It can be difficult tracking down specific home information. There is no special site that this kind of information is easily accessable. If you would like to talk about repo properties, feel free to look at my profile. My contact information is there. Call/email direct anytime. -Eric
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