Posted on: 01st Apr, 2012 03:11 pm
I am in a pre-forclosed home, but I have cash to purchase older inexpensive home. Can the bank that I am in forcloser with prevent me from purchasing this home?
Hi Pixie,
I will suggest you to wait till your foreclosure sale is complete and to not purchase the cheaper home immediately. Once the home is sold off at the auction, then you should consider buying that new home. If you buy the property before your foreclosure sale is complete, there are chances that the lender may put a lien on that new property.
Thanks
I will suggest you to wait till your foreclosure sale is complete and to not purchase the cheaper home immediately. Once the home is sold off at the auction, then you should consider buying that new home. If you buy the property before your foreclosure sale is complete, there are chances that the lender may put a lien on that new property.
Thanks
Hi Pixie!
Welcome to forums!
I agree with what James Hogg has said. The lender may place a lien on the new property which you purchase in order to recover the deficient balance resulting from the foreclosure sale of the older property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what James Hogg has said. The lender may place a lien on the new property which you purchase in order to recover the deficient balance resulting from the foreclosure sale of the older property.
Feel free to ask if you've further queries.
Sussane