Posted by Mark - IN. on July 30, 2014 at 19:44:41 from (24.15.157.214):
In Reply to: repo home posted by brandon j on July 30, 2014 at 17:29:07:
Back in the '80's when I first moved to Illinois, I looked into the posibility of buying a repo home, sent away for a listing of homes in a couple of nearby counties to where I worked, and hoped for the best. About that time, I read a story in one of the Chicago papers about repo homes in Illinois, and a law on the books at the time that said that anyone whose home was repossessed had up to 5 years to reclaim their former home, property. If they could come up with the monies missed prior to repossession as well as the monies needed to pay back the mortgage payments of whoever took over the home, or assumed the mortgage or however that worked out, the could legally reclaim the home, property, and whoever took it over...out of a home. I don't know if its still that way over there, but at the time when I read that, forget it. No repo home in Illinois for me.
Also, maybe Illinois, maybe everywhere, I don't know. You pay your property taxes, and say that you under pay by something as little as $1.00, your property goes up for sale for the amount of the deliquent taxes, and you don't even know it. The county lists it in their docs, maybe some news paper, someone comes down to the tax window, pays what is owed, and you are out of a house, property. The only reason that I know that, is that it made the front pages of the Chicago papers one time, where some old widow on the south side lost her owned home, for the single dollar that she made the mistake of underpaying, lost her home to some guy that paid that $1 to the county tax guy, and then tossed, or at least attempted to toss her out. The Rev. Jesse Jackson (I'm being nice), whom I've pretty much got no use for mugged for the papers and TV stations at the time when he took up her cause, which I won't go into. However, he brought it to the front pages, and it maybe the only thing he ever did that I agree with, and that's how I know about that one.
Repo home? Good luck, I hope it all turns out great.
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