We have run into a weird situation purchasing a home and am hoping someone can answer our questions.
So we came across a vacant house that we wanted to look into buying. We were able to track down the owner. According to the title company, the home started the Judicial Foreclosure process about 2 months ago, and the home owner is still the owner on the title.
When we spoke with the owner she said that she had no idea that she still owned the home as she had not paid any payments in over 2 years and had filed Bankruptcy.
So – is she allowed to sell (short sale?) the home to us because she is still the legal owner or is it a situation where nothing can be done because the process of judicial foreclosure has started?
The Mortgage holder is GMAC and I plan on contacting their bankruptcy department tomorrow, but would appreciate any feedback you have. FYI we are in the state of Oregon.