When a home goes into foreclosure, Does the bank allow financing on the amount of the property?

Asked by Iketurnerjr, Villages Of Langham Creek, Houston, TX Mon Dec 28, 2009

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Amy Law’s answer
Amy Law, , Crosby, TX
Mon Dec 28, 2009
To follow up on Kay's answer, yes. If you want to purchase the home on the court house steps, you will need to speak to your lender of choice first and receive pre-approval. The lender will help you with the appropriate paperwork that you need to take. If the home is listed in HAR, then there are often special procedures and paperwork that is required, but the REALTOR will help you with this. In either case, pre-approval for a loan is always an important part of purchasing a home. If you need to speak with a lender, I know a great guy. Contact me and I will send you his information.
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Texas Banker, , Houston, TX
Mon Dec 28, 2009
If there is a bone-fide offer involved, the bank can delay the foreclosure instead of going forward with the expense.

In some cases lien holder may even cooperate with the transaction aka “short sale” to get the loan off their books.
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Kay Stimson, Agent, Houston, TX
Mon Dec 28, 2009
Yes the banks allow for the Buyer to finance the purchase.
Web Reference:  http://www.kaystimson.com
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