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Property abandonment laws and steps to own property.

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mogrady

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

I've come across a property in NJ in which the owner has abandoned it, and left the country permanently (Brazil). The property is in pre-foreclosure. He's been on the lispendends for 8-9 months. It is a multi-family, there are tenants living there that have not paid rent for more than 3 months.

In this case, what steps can be taken for me to take ownerhship of the property?
 


nextwife

Senior Member
A. Attend the Sheriff's Sale prepared to be the high bidder or

B. Contact the foreclosing lender and make their REO person an offer to purchase subject to them getting good title at Sheriff's Sale. Use an attorney, and understand you may have trouble getting financing due to a lack of profit and loss/operational expense records.

Be prepared to deal with multiple evictions in accordance with whatever state/local laws now apply to tenant occupied foreclosed properties.
 

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