Ask Sam: If a property is foreclosed on by the bank...
July 2nd, 2021 by admin
Q: If a property is foreclosed on by the bank and this causes the dwelling doors to be padlocked before personal property is removed, what happens to the personal property left inside?
P.T.
Answer: Again, SAM turned to Mike Wells.
“This would be up to the foreclosing lender, but in some cases, the person handling the estate may be able to agree with a representative from the lender to get access for the removal of the personal property prior to the final order being entered in the foreclosure proceeding."
“Otherwise, it is likely the property would be disposed of by the party which purchased the real estate at the foreclosure sale when the foreclosure proceeding is completed.”
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