Posted by Mark - IN. on April 19, 2013 at 17:17:35 from (71.201.65.151):
In Reply to: Bank selling farm posted by sirhc on April 19, 2013 at 09:09:36:
I don't know. I am not a lawyer and don't profess to be one.
Many years back when moved, first moved to Illinois and was renting, I decided to buy a home. They used to run commercials, and maybe still do, for foreclosed upon homes, buildings, property. All I had to do was send them something like $100 for a list of foreclosed upon properties in the counties that I was interested. Seemed like a good deal to buy a fixer upper and... So, I was looking at properties, and as I was, there was a story in one of the big news papers that caught my eye. Basically it said that if your property was foreclosed upon in Illinois, at least at the time, if you could come up with the money owed, back taxes, whatever, within five years of the foreclosure, you can get your property back. That isn't what I had in mind when considering purchasing a foreclosed fixer upper...to have the old owner show up and see that I fixed up their foreclosed fixer upper, come up with the $$$, a fraction of what I would have put into the place, and take it away from me. That ended my intersts in purchasing foreclosed property.
What does that do for your neighbor and neighbors brother wherever they may live? Perhaps some of it might apply down the road.
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