$70K equity going to foreclosure - Posted by Curtis


#1

Posted by John L on December 06, 1998 at 11:30:52:

I usually have more questions than answers, but experience has taught me that once a sale is scheduled…it can’t be stopped, it must go forward.

Quit claiming the property to you would do nothing to stop the sale. The bank wants their money and they want it now…thus the foreclosure.

Perhaps the only way to get in on this bargain is to be at the sale with cash in hand to pay the lender (easier said than done) to subliminally suggest to the lender that there is no need to bid on the property and keep it in their portfolio…they can take your money and be done with it. The problem with that is the banks are out to make a profit also. If they know of the equity, you can bet they want it for themselves!

In a nutshell, once the foreclosure sale has been scheduled, nothing can stop it. Wouldn’t it be nice if people who knew they were going to be foreclosed upon said something earlier?

Good luck


#2

$70K equity going to foreclosure - Posted by Curtis

Posted by Curtis on December 05, 1998 at 13:04:10:

I have been tracking a nice 3300 sq. ft home that foreclosure action started on 6 weeks ago. The owner did not return my calls nor bother with letters using Joe Kaiser’s pre-foreclosure methods. The foreclosure sale happens Tuesday 12/8 at 11 AM.

I happened to find the owner at home when I called yesterday. He said it was too late, that the lender wanted the $270K balance by Monday.

I want this deal - assessed value is $340K, market value is $380K. If I were to persuade the owner to quit claim deed the property to me for some token amount, how do I save this from the foreclosure sale - (can I file to postpone the sale for 2 weeks to get an investor, or approach the lender) any suggestions?

Curtis