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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 29025
Experience:  30 years of real estate practice experience.
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What happens when a bank forgives ( me the owner ) the debt

Customer Question

what happens when a bank forgives ( me the owner ) the debt you owe them for a mortage and is willing to take over the house to put up for auction to recoup their money but some family member moves in the and files papers to stay in the house for a while longer?? I am totally against this the bank had given a 45 day notice to vacate the premises but now the back can not put it up because they are not leaving?? will they go after me again???johnny
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Loren replied 7 months ago.
Good afternoon. I am Loren, a licensed attorney, and I look forward to assisting you.If the bank does not receive the property as required in the agreement then it is possible then they can declare it breached and continue collection. In other words, if the conditions of the release are not met then the release can be withdrawn.If you can get the family member out with some cash or other incentive it may be worth it to open negotiation.

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