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Property repossessed, made bank offer, if they decline, can we still buy back at auction? |
Our property has been repossessed and we have been negotiating with the bank through the receivers. We have made them an offer and have received a counter offer that is less than attractive. If we turn it down and try to buy it back in auction, is the bank legally still allowed to chase us for the excess? Incidentally, the offer we made originally made was extremely reasonable.
Re: Property repossessed, made bank offer, if they decline, ...
The amount you owe to the mortgage company is not affected by you buying back your property at auction. In other words, you would still need to pay the remaining amount due on the mortgage.
Re: Property repossessed, made bank offer, if they decline, ...
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