What happens to property forelosed by New Century?

Question

What will happen to empty propertys that new century has foreclosed on? There is a home in my area that I know is empty and has been since foreclosure. Will New Century sell those off, it has not even been advertised for sale since foreclosure. If the taxes don't get paid the town will lien and then foreclose after 18 months. Any suggestions on how to gain one of these homes?

Answer 1

Actually, New Century was a subprime real estate lender that originated alot of mortgages and mostly sold them off but retained servicing. Even if borrowers processed their mortgages through New Century, odds are that they were sold off or repackaged. Statements and processing (the mortgage servicing) may have been retained by New Century.

You would have to check the public docs to find out who actually has the lien on the properties and if the taxes have gone into arrears.

Answer 2

On the homes the NC foreclosed will be up for sale as an REO (Real Estate Owned) bank owned. Since NC went out of business their foreclosure division is still active. Or sometimes they sell the property to another bank. You can usually find more information by contacting you local realtor, they have access to Short Sales and REO's.

Answer 3

New Century existing contracts of mortgage are being handled like any other foreclosure. You are advised to check your land office to see who currently holds title to the property in question and approach the current owner with interest in purchasing.

Due to New Century's financial difficulties, some of these properties are remaining 'in limbo' for a longer period as arrangements are made for disposal.