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New house during foreclosure

October 15, 2014 08:38AM
So here is the story. We have a private lender that is holding the mortgage on our house. He owned the home originally when we bought it 5 years ago. Every year we’ve paid the taxes late, usually with our income tax returns in March/April(because they are $7500). This year he has chosen to foreclose on us. We have never missed or been late with a payment. There was a clause in the mortgage that said taxes had to be paid within 30 days of their due date or balance of mortgage could be due in full. He served us with the papers without any solution options. Here is our question, can we buy another house now before the foreclosure is complete on our current house. I understand that it is considered a buy and bail. We more than qualify for another house because of good credit and this mortgage does not and never has shown on our credit reports. My attorney says we should probably just wait until it is all complete but if we wait we are then out on the street, looking for somewhere to rent with 3 little kids a dog and a cat most likely in the middle of winter. We have found a house we love and don’t want it to slip away. Any help is appreciated.
Subject Author Views Posted

New house during foreclosure

ff00826 4181 October 15, 2014 08:38AM

Re: New house during foreclosure

Dond 2894 October 15, 2014 02:37PM

Re: New house during foreclosure

Scott-CA 2830 October 16, 2014 12:16AM

Re: New house during foreclosure

ff00826 3009 October 17, 2014 06:49AM

Bad game plan that was likely to fail and it did

Scott 3025 October 18, 2014 07:12AM

Re: New house during foreclosure

JordanHomes 2816 November 12, 2014 10:42AM



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