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Purchasing Home While in Default

Posted on: 06th May, 2010 10:15 am
I am in pre-foreclosure.
Cannot make huge payments on current home.
I have cash to purchase another very inexpensive home.

Question: Can the realtor and bank (who owns the home I want to purchase) PREVENT me from buying this new home?

The bank who owns the mortage on my pre-foreclosure home is not the same bank who owns the new cheap home I want to purchase for cash?
Hi yoursisterscloset!

Welcome to forums!

The lender may not prevent you from buying a property. However, if you buy a new property, the lender will be able to place lien on it to recover the deficient balance resulting from sale of the property. However, in order to do so, he will have to file a lawsuit against you and get a judgment.

Feel free to ask if you've further queries.

Sussane
Posted on: 06th May, 2010 09:12 pm
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