Posted by JohnB_NJ on January 12, 2001 at 16:54:37:
Jim,
I wouldn’t even suggest such a tactic on an open forum. What your friend did was wrong, IMHO. It was a “squeeze play”. Maybe you could call it extortion.
I know at the least, what he was treatening to do was “Laying waste” to the property. That could land him in some serious trouble.
IMHO, your friend did something unethical and I do not think it is a good idea to pass along such information and/or tactics that a “newbie” might pick up on and use.
HELP - Any ideas on delaying foreclosure? - Posted by Ben (FL)
Posted by Ben (FL) on January 12, 2001 at 10:29:06:
A guy answered one of my letters bakc in November. He has a nice 4 bedroom 3.5 bath house in foreclosure. It has a VA mortgage of $145,000 and needs $10,000 to bring it current. The FMV of the house is $185,000. We signed a sales contract and I’ve been marketing it ever since.
So far, no luck, and the foreclosure sale has been set for Feb. 7. To assume the loan, I would have to put up the $10,000. I don’t have th cash, and nether does the seller, and I’m not about to get a new mortgage. Any ideas I could try to get the date moved back and give me more time to market it?
Many times a lender will delay the foreclosure if they have a contract on the table with escrow money that needs time to foreclose. Maybe a friend could sign a contract to give you more time.
Jim’s antedote of treats is dangerous. You should never claim that you would do such a thing. Criminal intent there. What you would do is make them aware that you have no reason to be sure the house is secure and that vandals could take kitchen cabinets, copper pipe etc.
Your problem is two fold. One, not having any cash or availability for cash to solve this type of problem. The second is not knowing how to market the house. I suspect that you were trying to find a retain buyer to come in and qualify for a new loan. If you advertize for “No bank qualifying, 10K +1 payment, gorgeous 4/3.5” I can’t believe you could not get a buyer.
Re: HELP - Any ideas on delaying foreclosure? - Posted by Jim Locker
Posted by Jim Locker on January 12, 2001 at 11:18:43:
Here is how a friend of mine recently handled a similar situation. I am not advising this, just suggesting a possibility.
The seller deeded the house to my friend. My friend then went to the bank and said he wanted to take over the payments, but needed more time to complete all the arrangements. The bank said no. Foreclosure on this date (about a week away).
My friend responded; “fine. The doors in that house would look good in some of my other houses. The kitchen cupboards would help me with a remodeling project at another location. I can always use bathroom fixtures. The house has copper plumbing - always a good thing to have in stock. I think those windows will fit in this other place I’m remodeling.”
The banker starts “you can’t do that…”, then stops. The house has been deeded to my friend, and BELONGS TO HIM UNTIL IT IS FORECLOSED. So he COULD do those things.