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Before foreclosure on a house with a number of liens exceeding the buyer's offer Can you as the former homeowner sell it to prevent it going into foreclosure?In: Property Law |
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You can sell the house, but you are still on the hook for the remaining amount of money. And the banks may not want to allow the transfer, because they wish to have the property secure the loan balance outstanding.
A purchaser wouldn't like to buy such a piece of property, because the danger of foreclosure at the sale might still exist.
==Answer==
Without paying the liens, you cannot provide clear title to the property. Most lenders will not lend on a house that is being foreclosed upon. You may be able to reach an agreement with the lender about the sale in view of the foreclosure, but the liens will still need to be paid.
First answer by Aggie80. Last edit by Simplemary. Contributor trust: 805 [recommend contributor]. Question popularity: 32 [recommend question]




