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Adverse possession on foreclosed home we waited on bank for 6 months.

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arthur92710

Junior Member
What is the name of your state (only U.S. law)? New York

Hi, about 6 months ago we gave an offer on a house that was in short sale, and it was accepted. The previous owners had 2 mortgages with 2 banks. One bank approved soon and we have been waiting most of this time on the second. Also the previous owners moved out a few months before, now there is nobody living there. We thought this would be a quick sale, "short sale" so as soon as our offer was accepted we packed up at least 50% and have been living with boxes every where.

We have recently found out that the second bank might not approve, so can we move in and claim adverse possession. We were willing to pay the listing price but they would not sell so can we take it for free?

Thanks for your time!
 


M

Mass_Shyster

Senior Member
arthur92710 said:
What is the name of your state (only U.S. law)? New York

Hi, about 6 months ago we gave an offer on a house that was in short sale, and it was accepted. The previous owners had 2 mortgages with 2 banks. One bank approved soon and we have been waiting most of this time on the second. Also the previous owners moved out a few months before, now there is nobody living there. We thought this would be a quick sale, "short sale" so as soon as our offer was accepted we packed up at least 50% and have been living with boxes every where.

We have recently found out that the second bank might not approve, so can we move in and claim adverse possession. We were willing to pay the listing price but they would not sell so can we take it for free?

Thanks for your time!
Click to expand...
If you think they'll simply ignore you for ten years, that plan might work. I suspect they'll have you removed before the required ten years pass.
 
A

arthur92710

Junior Member
Is there something I can do to prevent that?
Also, then who would be the owner of the house now?
Wow, thanks for the fast response!
 
N

nextwife

Senior Member
Moving out doesn't change ownership.

Likely the borrowers are in default and in foreclosure. If the second mtg holder would not approve, they want more money than what is being offered.
 
M

Mass_Shyster

Senior Member
arthur92710 said:
Moving out doesn't change ownership, right, but can it be abandonment?
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If the owners have abandoned it, it goes to the banks.

Two banks have a secured interest in the property.

There is ZERO chance that you are going to get it for nothing.

Living out of boxes for six months was your choice. You are entitled to nothing.
 
N

nextwife

Senior Member
arthur92710 said:
Moving out doesn't change ownership, right, but can it be abandonment?
Click to expand...
A house is not a baby. Leaving it all alone is not abandonment unless they also walked from the mortgage and neglect to pay, arrange maintenance or let their lender know where they have gone. It does NOT give you the right to move in.

There are two mortgages on the property. Those lenders must agree to the owner selling it to you at a reduction in their payoff amount.

Have you checked the court records for the foreclosure status? The owners may not even be the owners anymore. The bank may already own it, or bew between sheriff's sale and confirmation of sheriff's sale. In which case, within the next 30 to 60 days, they will send out someone to do a "trash out" of whatever junk the owner left in the house, and they will put it on the market to sell.

Contact the lender (thy contacting the lender's foreclosure attorney for a contact name) and make the lender an offer, depending on foreclosure status.


By the way, adverse possession is not what you are proposing. You are proposing becoming a squatter.
 
A

arthur92710

Junior Member
"Two banks have a secured interest in the property."
So have I.

"A house is not a baby."
If you leave both alone they will get into trouble. The child will have bad behavior and do whatever s/he wants, and the house will be broken into and robbed. I have seen this happen. We went to look at a house 3 weeks ago, as soon as we drove into the drive way a couple came from the back yard and asked why we were here. We told them to look at the house and they left. The Realtor told us that they were looking for a way in. Inside, the kitchen had a nice counter top, the dish washer was halfway out, in the room that your in as soon as you walk in ( sorry I forgot the word, its a 2 floor ceiling, chandler .ect) they had a nice chandler. The bathrooms had nice fixtures. The Realtor said they would come back at night and take all of that.

What if some one does this the house we are waiting for? The insurance pays the bank back the full price.
So, why would they sell it to us for cheap when the insurance will pay them back full? Because they make a profit.
But didn't President Obama already give them so much of our money?

Thanks for staying with me, I just need some help.
 
A

arthur92710

Junior Member
Oh, I see.
"secured interest" as in assets. I Thought you meant interest as a sense of concern with and curiosity about someone or something.
 
A

arthur92710

Junior Member
Well, yeah....
Ok, one of the requirements of adverse possession is Hostile or adverse. "used without true owner’s permission and inconsistent with true owner’s rights. Bad faith or intentional trespass view". So me moving is "without true owner’s permission"
And if I were to move in tomorrow, how would the Bank remove me? With a trail of $100 to the other side of the door?
 
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