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Buying Bank Foreclosure |
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I am a buyer of a bank foreclosed home. A closing date was set and now is postponed because a lien was found against the property. What does this mean to me'? |
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It means someone has another financial claim out against the property. If the bank was going to give you a mortgage loan, they may not be willing to do so when someone else has first claim. Perhaps it's for property taxes, or an IRS lien, which would also have priority against the value of the property. You wouldn't want to take the place and also take over these debts out against it anyhow. I suppose you'll just have to stay patient and see what develops. Perhaps the bank can clear up the complications. Otherwise, you're just as well off out of the whole thing. |
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Edith
Originally published on June 28, 2007 |
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