<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by inspired:
Is it legal for someone to sell raffle tickets to win a home that a bank still holds a mortgage on? and, What guidelines are there for a person to raffle off personal property?<HR></BLOCKQUOTE>
My response:
In some States, raffles are legal; others, it depends on what you are raffling. And, still others, like Oklahoma, having a raffle is a felony - - even the GirlScouts can't hold a raffle there without being hauled off. Additionally, even if raffles are legal in your State, you still can't raffle off that which does not belong to you. In other words, "a home" that the bank still has a mortgage upon, DOES NOT belong to the person whose paying the mortgage UNTIL such time as the mortgage is paid in full. I rather doubt that a bank would allow a raffle of a home it holds title on. However, banks do hold "auctions" of their houses, when there's a foreclosure - - but, you knew that already.
IAAL
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