QUESTION

Can we purchase a property in the foreclosure process before the process ends from the seller directly?

Asked on Mar 13th, 2023 on Foreclosures - North Carolina
More details to this question:
Seller of property in Auction is willing to sell property before the foreclosure concludes.
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1 ANSWER

Consumer Bankruptcy Attorney serving Kernersville, NC
Partner at Lynn E. Coleman
4 Awards
The seller would need to get the consent of the loan servicer to the sale and the servicer would ahve to agree to wait on pursuing the foreclosure further until after the sale is concluded. If there is a pending sale date, this may not be possible. You did not provide any specific information about how far along in the foreclosure process this is. You risk going to a closing without knowing that the servicer of the existing loan has agreed to the sale price, etc. The closing attorney may not be able to get a payoff figure if the seller never tells the lender about your offer to purchase and they just leave the lender completely out of the process. 
Answered on Mar 13th, 2023 at 11:31 AM

This is general legal advice only. You do not have an attorney-client relationship with Attorney Lynn E. Coleman without a signed retainer agreement and payment of any applicable fees.

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