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Updated over 10 years ago on . Most recent reply

Juan Rodriguez's profile image
Juan Rodriguez's profile image
Juan Rodriguez
  • from Chicago, Illinois
  • Member since Oct 21, 2014
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Juan Rodriguez's profile image
Juan Rodriguez's profile image
Juan Rodriguez
  • from Chicago, Illinois
  • Member since Oct 21, 2014
Connect
Juan Rodriguez
  • Chicago, IL
1
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3
Posts
Foreclosures

Buying a REO but I have a defaulted loan with the selling bank

Juan Rodriguez
  • Chicago, IL
Posted

Hello all, first time poster here. 

So I'm planning on buying a REO property which seems to be a great investment. The issue is that I have a defaulted second mortgage loan with the selling bank, so the question is; if I submit a cash offer, is there a possibility that the bank will keep my money to cover my current debt with them?

Thanks in advance.

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