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Posted by Henry_CA on May 26, 2007 at 21:19:23:
In Reply to: Buying at Trustee Sale posted by vi on May 24, 2007 at 14:03:59:
I am assuming the subject property will be used to qualify for the equity credit line. First if the property doe not sell at auction it reverts back to the lender (REO) and they become the owners of the property. Unless the lender agrees to sell you the property and your broker can obtain a loan for you on the property, that would be the only way you could get a equity line using the subject property as collateral. I hope I answered your question. Good luck.
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