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luketushim · Joined: 03 Sep 2010 Posts: 1 1.32 Dollars($)

I have a friend that owns land that at one time was valued at 1MM for 50 acres. Now it is worth about 500K. He took out 2 loans and used the land as collateral. He fell behind in his loan payments and the bank forclosed on the land. He only owes 100K to the bank and the land is worth much more than that. Plus there is a lien or 2 on the land, but I don't know what types. Can he get the land back and out of forclosure if he comes up the the amount and penalties, etc due?

smithsussane · Posted: Fri Sep 03, 2010 8:47 pm Post subject:

Hi luketushim!

Welcome to forums!

If the land has not been sold off by the lender, then your friend can contact the lender and pay off the balance amount in full along with all other late charges and get back the property.

Feel free to ask if you've further queries.

Sussane

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