This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Buy the Vacant Foreclosure Next Door?

Mark Hankins, of Land O' Lakes, Fla., wanted to create a neighborhood trust to buy a nearby home that's languished in foreclosure purgatory for two years, but public records on it proved a dead end, he said. Six financial institutions have been involved in foreclosure proceedings on the property since JPMorgan Chase initiated foreclosure on it in 2009, the records show, and the law firm that manages the trust in possession of the home no longer exists.

"If somebody diligent wanted to make an offer to the current beneficial owner," Hankins said, "nobody has any idea how to contact them to make the offer."

And you'd think that if anybody could find the owner, Hankins could. He's a foreclosure attorney who wrote a book about how to cope with debt.

In the success story of Lori Hiscock, though, it's easy to see why some homeowners like Hankins would like to take foreclosures under their wings. Hiscock bought a foreclosure around the corner from her home in Granger, Ind.

The home had begun to show signs of decay more than a year ago, and someone had "put a black Christmas tree on the front porch and wrote 'bah humbug,' " Hiscock said.

Though Hiscock doesn't consider herself an investor, she bought the home in cash in June and spent $15,000 to rehab it. Neighbors were worried about the home being rented out after it sold, Hiscock said. But they warmed to the idea once they realized the owner lived nearby.

"We love the neighborhood, and we love the home, and we got to pick our new neighbors," Hiscock said.

The entire neighborhood may benefit from Hiscock's move. In one broad stroke, she removed an eyesore, fought off blight that threatened the home and propped up home values.

It also didn't hurt that Hiscock was a savvy and desirable buyer: She works as a loan officer, and she had the money to buy the home without a mortgage.

"I wouldn't have realized that making a cash offer, using a Realtor experienced in foreclosure sales, and making the offer without it being subject to any inspections would have made a difference," she said, "if I didn't know this process so well."

More From AOL Real Estate

Tenant Installs Surveillance, Now Faces Eviction

Vacant Homes Plague Neighbors as Lenders Drag Feet

20 Regions Overrun by Foreclosures

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs