Archive for the ‘realestate’ tag
Chase Bank Owned Property
Chase Bank Owned Property
2nd mortgage(HELOC) sold .. the beneficiary(bank-Chase) bought back. Does the lender have the rights to evict?
i owe the first 140k, the second 142k. I'm currently having the trial period (loan mod) with the first ( paying on time). However, the second loan was being auctioned off, and apparently the bank(beneficiary) bought back the loan.
My question is whether if possible for the bank of the second to evict me from the home. I was told .. once the loan (deed of trust) was sold and bought back by the beneficiary .. now the bank own the property with the first deed of trust, and the second can still evict me from the property. Please let me know whether this is a possibility ?
The "short" answer is YES because when the foreclosure of the 2nd Deed Of Trust was completed, your ownership in the house ceased.
The foreclosing lender "bought" back the house subject to the first DOT, but the house no longer belongs to you.
The time frame for when you must vacate the premises varies from state to state.
Buyer's Inspection Reports are Crushing 203K Loans