Foreclosure might not be so bad

posted by [identity profile] anusara.livejournal.com at 04:45pm on 2002-09-18
Ask the bank if they would allow a renter until the house is purchased. Basically, in a foreclosure the bank takes possession of the house and sells it for the amount due on the mortgage or more if they can get it. So the bank may take your offer to purchase the house after it has forclosed and taken possession - however, you'll need their permission to stay (probably) - it's possible, depending on landlord/tenent laws in Baltimore, that they have to let you stay for a while because they might have to honor your rental contract. In any case, if the bank says the renter can stay (or may be required to allow you to stay because you have a lease), since no one bought it successfully earlier, chances are you'll have some time to get your stuff together later to try to purchase it. I'll ask my brother (who know these things and can manipulate them). Goof luck!
Ru aka. anusara
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In This Case Forclosure Is Very Bad

posted by [identity profile] dglenn.livejournal.com at 08:45pm on 2002-09-18
The bank has basically been trying to sell it -- if they give up on that (which is what they're saying will happen Friday), they're going to give it to HUD. And for that to happen, it has to be empty. So in this particular case, foreclosure == eviction for me. :-(
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