Posted on: 15th Jul, 2009 05:32 pm
to the bank and had given 14 days to pay in full, i was able to sell 1 property and pay them 45 % of the amount , they still want to foreclose on the other property in few days do i have any option to hold o n
manoj
You can pay the amount you owe to stop the foreclosure process
Good luck
You can pay the amount you owe to stop the foreclosure process
Good luck
Hi Manoj,
The bank can come after you for the outstanding amount and can foreclose on your property. Did you keep both the properties as collaterals for the loan? If you did, then the bank definitely has the right to foreclose on your other property. But if it is not collateral for the loan, the bank will not be able to carry out a foreclosure on this property. Why don't you negotiate with the bank and convince them to accept a short payoff. They have already been paid a little less than half the loan amount. I think they would be interested in negotiating with you to settle the debt.
The bank can come after you for the outstanding amount and can foreclose on your property. Did you keep both the properties as collaterals for the loan? If you did, then the bank definitely has the right to foreclose on your other property. But if it is not collateral for the loan, the bank will not be able to carry out a foreclosure on this property. Why don't you negotiate with the bank and convince them to accept a short payoff. They have already been paid a little less than half the loan amount. I think they would be interested in negotiating with you to settle the debt.
the most important thing you can do, manoj, is to be in constant contact with the lender or its representative. lenders aren't enthused about foreclosing - it's the remedy available to them to attempt to collect the debt. if you make them aware of the steps you are taking and if it's verifiable, you may buy yourself some time. of course, this presupposes that you've been in contact with them all along and that you've made strides to bail yourself out of the situation already.
