If your mortgage bank sells your mortgage to another bank a few weeks before the sheriff ‘s sale, can the new bank still go through with that sale or do they have to do the process over?

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If your mortgage bank sells your mortgage to another bank a few weeks before the sheriff ‘s sale, can the new bank still go through with that sale or do they have to do the process over?

Asked on October 12, 2012 under Real Estate Law, Minnesota

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Under the laws of all states in this country if the lender on a secured loan has initiated a foreclosure sale on the security due to the borrower's failure to service the debt load on a monthly basis and sells the loan to a third party, the new owner continues on with the process as is and is not required to begin things all over.


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