Consumption and Real Estate
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#2 written by Howard W 1 year ago
First every bank is different.
second, you are a bank customer with assets.
third, you may have property of more value to bank.
fourth, no policy is set in stone.
fifth, foreclosure assets is not good at this time on the books.Go and speak to you banker, they may be willing work something out. Possible arrange for you to take over mortgage , but you need to watch the rate.
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#3 written by slogoing@sbcglobal.net 1 year ago
You could make an offer contingent on your being able to sell the other property. I assume there is insufficient equity for you to borrow against to buy this house outright and have first/seconds on your other homes, with this one being paid for free/clear. Selling in a distressed market to buy distressed property could wind up not working in your favor, as all/most prices have fallen. And last, you could offer to trade them, although they are not in the business of owning property, only lending money, so I would guess your chances are slim. But hey good luck and at least you still have three homes!!
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As a rule, no. The bank never wanted the property in the first place, they just wanted to be repaid. Knowing this, even though you can ask, I would be highly, HIGHLY surprised if they accepted. I mean they would have to have a clear path to a profit to do that.
You need to offer to purchase it if you can afford it. If you (or your brother) can’t afford it, it isn’t going to happen.
If to afford it you have to sell a property or two, put them on the market and put in a contingent offer (which many banks do NOT accept).
good luck!