HELLO! COULD SOMEONE PLEASE ANSWER A ? FOR ME ABOUT FORECLOSURE?

Hello! Guys I am the brand brand new realtor & I was wondering if any one knows can the chairman who is foreclosed upon buy behind their building/house during the after time (year or two) after they mislaid the property; if the brand brand new owners have been friends or kin of them & they give up explain help the skill over to the celebration who creatively mislaid the house? What if it’s the money deal, is there any sort of law which prohibits someone from removing their home behind later? I’m in the Chicagoland area, interjection for your submit & advise

Tagged as: about, answer, could, Foreclosure, Hello, Please, someone

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prosey July 30, 2010 at 10:18 am

If your friends do gain possession of your foreclosed house, there is no law preventing you from gaining possession of the house at a later date. Of course it is highly doubtful that you will get a mortgage so it almost seems imperative that you will have to have enough cash to pay them what they owe so they can get a free and clear deed to the property. The issue is not quitclaim-they won’t be able to do that b/c they will be purchasing this property from the same bank where you defaulted. They can buy the house outright and give it to you if they want to but if there is any bank involved you will have to have cash.
Once someone owns a piece of property they can dispose of it in any manner they see fit (under code of law-of course.)

all my best

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