Can a home under contract for sell go into foreclosure?
Question:
Answer:
Yes. Usually they give you enough time to do the sale transaction. Call your bank and let them know about the process. They are willing to negociate if they see any progress. BUT in this market, I doubt there is a lender who can do the mortgage loan knowing that the house has a NOD, almost ready for foreclosure!
Yes the sale will not stop the foreclosure unless you get an offer in time. Have your broker call the bank, a good one should be able to hold them off for awhile as long as you make a monthly payment.
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