who owns the home if it goes into foreclosure-the lender or the borower?

Asked by Michele, Tracy, CA Wed Aug 26, 2009

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Bill Eckler, Agent, Venice, FL
Thu Aug 27, 2009
Michele,

The borrower owns the property until the foreclosure is executed. Once this is accomplished the bank assumes full ownership and can create the destiny for the property.
0 votes
blaison samu…, Agent, Santa Clara, CA
Wed Aug 26, 2009
Kamal is right! Borrower is the owner during the foreclosure process but after the trustee sale, the bank or the highest bidder in that auction will be the new owner.

If a homewoner in foreclosure process and even when they receive the trustee sale notice, they can still try to avoid foreclosure by doing short sale. If you need further assistance then don't hesitate to contact me.

Blaison Samuel
0 votes
Kamal Randha…, Agent, El Sobrante, CA
Wed Aug 26, 2009
I see you have listed yourself as buyer and seller ...are you asking these questions because you are in foreclosure proceedings? If so, there may be a way to save your home. I dont make any guarantees but if you like, I can sit down with you and discuss your options. I also provide loan modifications at no cost for distressed home buyers as a way of giving back to my community so we can see if this is an option for you depending on how far you are into the foreclosure proceedings. Good luck and God bless.

Kamal Randhawa
Broker
510-932-1066
0 votes
Kamal Randha…, Agent, El Sobrante, CA
Wed Aug 26, 2009
The Borrower...UNTIL the foreclosure proceedings are complete. Once the foreclosure proceedings are complete, the the lender owns the home.

Kamal Randhawa
Broker
510-932-1066
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