Posted on: 26th May, 2011 10:47 am
what happens to the real estate agreement to sell the property between the seller ( aka borrower) and the real estate agency when the bank takes back the deed in lieu.
clausshaus, posting the question once is truly sufficient. i deleted the other post for you.
i'm not totally certain of your question, but allow me to try to help. i gather that the lender (holder of the mortgage) is withdrawing its approval of allowing a deed in lieu of foreclosure. is that right?
if it's correct, then any real estate contract that was drawn based on their prior approval would have to be considered null and void, i believe. of course, if their approval was in writing, then you may have them over a barrel and the attempt to sell might continue. but if they'd simply suggested that a deed in lieu was a reasonable suggestion, then i think that's not offiial and can be withdrawn easily.
can you elaborate, please?
i'm not totally certain of your question, but allow me to try to help. i gather that the lender (holder of the mortgage) is withdrawing its approval of allowing a deed in lieu of foreclosure. is that right?
if it's correct, then any real estate contract that was drawn based on their prior approval would have to be considered null and void, i believe. of course, if their approval was in writing, then you may have them over a barrel and the attempt to sell might continue. but if they'd simply suggested that a deed in lieu was a reasonable suggestion, then i think that's not offiial and can be withdrawn easily.
can you elaborate, please?
Hi Clausshaus,
If the lender goes for a deed in lieu of foreclosure, then the agreement with the real estate agency may be considered as null and void.
Thanks
If the lender goes for a deed in lieu of foreclosure, then the agreement with the real estate agency may be considered as null and void.
Thanks
