Posted by chet on January 27, 2005 at 14:19:14:
sorry if my poor typing messed you up.
buying the lawsuit can be a nightmare. Most banks won’t do the sale (sell the note) if a suit is pending as they don’t want to be in the middle (have potential legal liability.
Hope that makes sense.
REO and a law suit - Posted by John
Posted by John on January 26, 2005 at 08:32:15:
Came across a bank REO commercial property,attached to it was a pending law suit brought on by an individual,is it my responsibilty to deal with this law suit should I purchase this property from the bank?
Re: REO and a law suit - Posted by John Merchant
Posted by John Merchant on January 26, 2005 at 20:05:40:
If it would otherwise be a good deal, have your lawyer check out what the litigation is; you may find it’s not significant and the property is still such a bargain that you should proceed to buy it.
Re: REO and a law suit - Posted by chet
Posted by chet on January 26, 2005 at 11:41:46:
buying the lawsuit can be a nightmare. Must banks whon’t do the sale if a suit is pending as they don’t want to be in the middle.
Re: REO and a law suit - Posted by Bill_AL
Posted by Bill_AL on January 27, 2005 at 11:58:08:
Huh???