Marlton, NJ asked in Real Estate Law and Foreclosure for New Jersey

Q: When foreclosed on , can the bank deny selling the home back to the owner if they have a mortgage commitment for owed

I have a mortgage commitment letter for the amount owed on my home. Can the bank or VA deny my offer to purchase the home ? After all I just received a 1099G stating I am responsible for the balance owed. Does that mean I give them the amount owed they give me the deed ?

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1 Lawyer Answer
Leonard R. Boyer
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Answered
  • Foreclosure Defense Lawyer
  • Clifton, NJ
  • Licensed in New Jersey

A: The bank can sell the property to whom ever they chose. No, the 1099G is a tax form. The property sounds like it was already sold at sheriff sale. The only way to properly answer your question is with an in person consultation with an experienced mortgage foreclosure/bankruptcy attorney. Good luck.

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