Looking for a bit of advice as bank holiday weekend and cant contact anyone until tuesday. I have recently heard of a flat that is about to be repossessed any day now. Its my friend’s neighbour and she is still in contact with her. I was wondering if there is anyway i can buy the house before it gets repossessed, would suit me much better and stop the owner being black listed. i also have a mortgage at the moment, would i need to sell that before i could make an offer? And am i allowed to take my same mortgage deal with me? I am really desparate for this flat but dont want to get my hopes up incase its just not possible. Im from Scotland if that makes any difference regarding laws. Would be really grateful if anyone has any experience of this. Thanks
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I’m a Realtor in California…so I am sure it is different…but this is what I know [here] the banks and mortgage do not work weekends or holidays! nothing will happen [either way] until they are back at work….
The good news is, the lender would rather sell it to you instead of foreclosing. You can contact the loss and mitigation department, they will work with you!
It may depend on how long it takes you to sell your current property and how far the are into the foreclosure…. good luck!