Selling a property in foreclosure is allowed if only the lender allows it. I learned about how can you sell a house in foreclosure from a bank official only. If a person is willing to sell his or her house in foreclosure, he will need to obtain an NOC or No Objection Certificate from or an in-principal approval from the lender.
How Can You Sell Your House if its in Foreclosure?
To sell a house in its foreclosure, just obtain an NOC or in-principal approval for the sale transaction. It should be done in such a way that
Part of the sale consideration will be directly paid to the lender or lending bank
The remaining balance (if there is any) shall go to the seller or the current owner
So this is about whether can you sell your house in foreclosure. Make sure you obtain the original title deed of the property that you deposited with the lender or bank at the time of the disbursement of the loan. Usually, the release of the original title deed by the lender, registration of the sale deed and discharge of the sale consideration take place simultaneously.
I have read about many such cases in newspapers as well so can assure you that selling a house in foreclosure is allowed. You can visit your bank and ask for more information if you like.
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Can You Sell a House in Foreclosure?
Barkha
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2024-04-16T08:28:08+00:00 2024-04-16T08:30:54+00:00Comment
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