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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Performance not promises Posted by Tom on April 22, 2008 at 7:57 AM In Reply to: offer on forecloser posted by milola on April 22, 2008 at 6:29 AM Under the old rules where a borrower could be held for the deficiency balance no. The lender doesn't care if your offer is financed, as long as you make the initial deposit at the sale site and the final payment within the alloted time per the NOS. It's wise to already have a preapproved (not prequalified) loan before bidding. Make sure your lender understands the time limitations as its a foreclosure sale. Ditto your title company. The initial deposit is usually set to separate the men from the boys. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Under the old rules where a borrower could be held for the deficiency balance no. The lender doesn't care if your offer is financed, as long as you make the initial deposit at the sale site and the final payment within the alloted time per the NOS. It's wise to already have a preapproved (not prequalified) loan before bidding. Make sure your lender understands the time limitations as its a foreclosure sale. Ditto your title company. The initial deposit is usually set to separate the men from the boys. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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