Buying Foreclosed Property From Bank
April 23rd, 2010
Buying Foreclosed Property From Bank
Question: Once your house is foreclosed on and you have had liens against your house do they follow you?
We got sued a couple of years ago when a kid got injured on our property. He won a settlement of $75,000. They put a lien on our house. Our house was foreclosed and sold at auction and we were evicted on Sunday. We got a note from the bank saying thank you for paying off your house. If we go to buy a new house someday does the $75,000 lien come with us or was it settled when a flipper bought our house?
Answer: Was the house sold for more then you owed? If it did then what ever was left over then it would have gone to payoff that lien. If not then the lien will follow you until it is paid off. If the house was sold for less then the amount owed you will be responsible for the difference of that also. Good Luck.
The Real Estate Newbie Investing Show - Buying Foreclosures ( Bank Owned Properties )
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