Posted on: 23rd Apr, 2010 11:12 pm
In a non-judicial forclosure what happens if the mortgage holder buys the property on the court house steps at the first foreclosure sale? If the mortgage holder purchases the property is that considered the same as if an individual buys the property? Is the sale final at that point? Can the borrower still be held liable if there is a deficiency?
Thank you in advance for your time.
Thank you in advance for your time.
Hi nesikay,
As far as I know, the lender will be able to buy your property in the foreclosure auction. If there is a deficient amount, then you would be liable for paying it off. If you do not pay off the required amount, the lender may garnish your wages or place lien on your other properties.
Thanks
As far as I know, the lender will be able to buy your property in the foreclosure auction. If there is a deficient amount, then you would be liable for paying it off. If you do not pay off the required amount, the lender may garnish your wages or place lien on your other properties.
Thanks