Posted on: 10th Jan, 2011 02:17 pm
I have a judgement lien on a 2 acre lot that I was purchasing but did not pay off. The land was foreclosed and sold at a much higher amount that I had owed by the bank. They have a judgement on me to still pay them the amount of $47,000 plus $7000 in taxes. Isn't that double dipping on their part? I attempted to reslove this issue with Capitol One but they stated that they do not finance land loans. The loan I initially received was from Hibernia National Bank which was bought out by Capitol one. My question to them was, I will gladly pay for the 2 acre lot if I am still entitled to it, but if you went ahead and sold it, what am I giving you an excess of $50,000 for? Any advice on what I am to do?
Hi navarrete!
Welcome to forums!
The lender will only be able to claim the amount that your owe him. He can even charge you the fees, taxes and other related charges. But he will have to return the excess amount or profit that he gains from the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender will only be able to claim the amount that your owe him. He can even charge you the fees, taxes and other related charges. But he will have to return the excess amount or profit that he gains from the property sale.
Feel free to ask if you've further queries.
Sussane