Possible to get info on rumored pending foreclosure?

moonshadowSeptember 14, 2011

There is some vacant land I've had my eye on for years. It's owned by a company, not individual(s). I've heard rumors all summer that the company is in trouble and their out of state bank is going to be 'taking over' the land. Normally I'd take info like that with a grain of salt, but one source it came from is fairly reliable (a contractor who has done work for the company.) Tax records still show the company owns it, but I'm presuming that until a foreclosure or some final deed change is done, tax records will continue to reflect the current company as owning the property. Is there a way to find out about this possible bank takeover or foreclosure, any reliable web sites or places to do research? I realize it's tricky because if it's indeed true, it either hasn't happened yet or is in the works.

Any information is greatly appreciated.

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brickeyee

Until the foreclosure process is started by the lender th4ere are often no public records.

    Bookmark   September 14, 2011 at 11:34AM
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maddielee

If you are interested in the property, contact the company that owns it...they may want to sell it (at a good price) before it goes to foreclosure.

ML

    Bookmark   September 14, 2011 at 1:17PM
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moonshadow

Kind of what I suspected brickeyee.
maddielee, I did approach them a few years ago, before any of the recent rumors. They were so out of touch it was nuts, asking triple the value of nearby land that is occupied and/or in use (as in a home, gas, water, electric, tillable acreage, etc.) Even their rep admitted it was high in comparison, but he had no control over what company honchos wanted for it.

    Bookmark   September 16, 2011 at 11:16AM
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brickeyee

It remains a private matter until a lis pendans (at least) is recorded, or the actual filing to foreclose in most places.

    Bookmark   September 18, 2011 at 11:36AM
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