Buying Foreclosures in General

NEW -> Contingent Buyer Assistance Program
<em>You don't get to move into the property and kick out the previous owner?





</em>I'm pretty sure you are correct Liz. A friend of mine lent money for a 2nd that got foreclosed on. He evicted the former owner and re-rented the house.
 
IIRC (and I'm not saying that I do, so double check this with someone knowledgeable), you can take the property, but it is subject to the first lien. The first may have a "due on sale" clause that requires payment in full once the property is sold, or it may not. Or, the first may agree to allow you to assume (and if needed, bring current), the first. So yes, you get title, but it is subject to first. If you plan to do this, I would really, really recommend seeking out someone experienced and/or a lawyer who knows about these things.
 
<p>Yeah, it's certainly subject to a due on sale clause.</p>

<p>But frankly, I doubt, with everything else that's going on, that anybody is going to enforce it on a paying customer. A few years down the line when the dust clears, maybe. </p>
 
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