Couple of questions:
i’m doing a short sale on property. owner stopped making payments. Property is vacant, owner lives on 2nd home.
Can bank once they find out property is vacant after bpo, go in and board up, change locks etc???
The other question is that once bank knows that owner has 2nd house, would they go after that to collect deficiency balance? Do owners run risks if they have 2nd home and 1st home is being foreclosed on?
Answer to your 2nd question is yes they can sue the owner for the deficiency and if the home is in his name, good luck to him.
In response to the first question, yes.
Banks trespass and change locks on vacant homes where they do not have title all of the time. But make no mistake, it is trespass until the home goes to back to bene at the auction. The owner is 110% within his rights to change them back… or remove the doors completely for that matter.
In response to the second question, well…
Let’s just say that being judgement proof is a virtue.