Posted on: 22nd Mar, 2010 10:48 am
IF I BUY A HOME FROM MY FATHER IMMEDIATELY AFTER A FORECLOSURE CAN THE BANK PLACE A LIEN ON THE PROPERTY FORCING ME TO SELL ?
Hi tendoy,
Immediately after a foreclosure, you won't be able to get a mortgage to buy a property. If you do not pay off the deficient balance resulting from the sale of the property, then the lender can place a lien on your property if you purchase a new property immediately after foreclosure. It would be better if you could clear off the deficient balance resulting from the sale of the property.
Thanks
Immediately after a foreclosure, you won't be able to get a mortgage to buy a property. If you do not pay off the deficient balance resulting from the sale of the property, then the lender can place a lien on your property if you purchase a new property immediately after foreclosure. It would be better if you could clear off the deficient balance resulting from the sale of the property.
Thanks