When a bank loans a particular amount to someone in lieu of the property he mortgages, do you know what happens to the property when he is unable to repay the amount on time?
In such cases when the borrower cannot repay the amount to the bank on time, the lender bank has all the right to recover the amount by selling the mortgage property through auction. The bank definitely sends several notices to the borrower over a period of six months before sealing the property for auction. If the sales amount exceeds, the difference is handed over to the original property owner i.e., the borrower.
So if you are standing on the other side of the line waiting to buy a bank auctioned property, here is a guide to help you through the process. [Read more…]