A finance com.is blocking the acquisition of the house we have an unconditional contract on. What can we do?
Martin asked:
We have placed a caveat on the title, but they are taliking about taking the house to mortgagee auction in the hope of getting more money than we have agreed to pay. Is there any legal action I can take aginst the finance company? No point sueing the vendor he’s gone bankrupt and is leaving New Zealand.
We have placed a caveat on the title, but they are taliking about taking the house to mortgagee auction in the hope of getting more money than we have agreed to pay. Is there any legal action I can take aginst the finance company? No point sueing the vendor he’s gone bankrupt and is leaving New Zealand.
Tags: Acquisition, Caveat, House Auction
October 27th, 2009 at 10:45 pm
since/if the vendor [seller] can’t make good on the difference between what you’ve agreed to pay and what he owes on the property, the sale can’t close.
and no, you can’t sue the finance company [mortgage holder] successfully; they haven’t done anything wrong and the seller hasn’t the right to compel them take a loss.
you can go to the auction, if it happens, and bid LESS than your contract amount. Which would be a fine and poetic justice, don’t you think?
October 28th, 2009 at 5:31 pm
What it seems you are trying to do is to buy the house for less than owed on it. Called a short sale, The mortgage co has first right to the house up to and including the balance and fees on the property.
Pay what is owed on the house if the judgment has not been entered, If judgment has been entered you have no right to the property.
Your are one sneaky bustard LOL good luck I admire your nerve.
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