Posted by Paul on April 19, 2013 at 09:41:36 from (66.44.133.46):
In Reply to: Bank selling farm posted by sirhc on April 19, 2013 at 09:09:36:
This is one way for the bank to clear up the title, so most likely the bank will buy the property they already own.
It's kind of a legal maneuver, they don't plan on anyone actually buying the property.
You'd have to bid more than the loan was.
The folks won't find a bank willing to deal with them to put up enough money to take over the bank they are already defaulting on.
If friends or family do so, it can be done, but doesn't look like there is enough time to pull that off, and who is going to risk that much money, has that much cash sitting around?
Some states allow some time after the sale for the folks to reclaim the property. That night be a possibility. If they so ehow get some cash together.
It's tough once you get behind, just very hard to paddle your way back up to even, much less try to get ahead.
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