Getting a deed on a forclosed property.

Guest 0.10 Dollars($)

there is a property down the street from my house that in the first stages of Forclosure (lis Pendens). If I get a quit claim deed signd over to me from the prevoius owner, does the bank have to speak to me at that point? or will they work with me on the loan?

sara · Posted: Thu Sep 11, 2008 4:33 am Post subject: RE:

Are you thinking of taking over the loan? it could be risky because if the lender is not able to recover the loan balance from the sale proceeds, he'll ask for the deficiency payment. And if you take over the loan as well as property, you'll have to make the payment.

Since the house is in the first stage of foreclosure or lis pendens, it implies that foreclosure has just been filed. There's still some more days left for the sale.

Take Care

All times are GMT - 7 Hours

Page 1 of 1