can mortage co take property
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can mortage co take property
can a mortgage company take our land that our double wide sits on even though there not tied together
Asked on June 5, 2009 under Real Estate Law, Indiana
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
If you own the land and were paying a mortgage which is being foreclosed on, the bank will become the owner and has the right to make you vacate the property (unless the bank wants to lease the land to you). If someone else is the owner of the land that is being foreclosed on the bank may make you leave after your lease expires. I would need to know more facts to better answer the question, however, the bank is allowed to take property if the mortgage is not paid.
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