Posted by Sean on March 25, 2002 at 18:20:02:
Nate makes some good points. We have had good success with getting them postponed when the owner is willing to sell. Most of the time the banks are willing to listen and cooperate. We also work with the bank if the owner has half of the arrears. Like Nate said the hardest part is getting the homeowner to do the right thing.
How easy is it to get a Foreclosure Postponement? - Posted by Heidi W
Posted by Heidi W on March 22, 2002 at 23:26:29:
I’ve been looking at the daily Trustee results and MOST are “postponed.”
I’m wondering if that’s usually done because the seller has worked something out with the lender - or is it because the lender isn’t ready to take back REO yet?
Anyhow - I’m wondering how hard it would be to get a postponement if I was trying to buy someone’s property in the final days.
Thanks,
Heidi
Re: How easy… Foreclosure Postponement? - Posted by azara
Posted by azara on March 24, 2002 at 08:40:54:
I think you are seeing quite a few of those postponements because the owners have filed bankruptcy. In terms of you buying a pre-foreclosure, you should have a nice advantage. Talk to the mortgage company negociating something called a short sale.
Re: How to get a Foreclosure Postponement? - Posted by File a TRO
Posted by File a TRO on March 23, 2002 at 09:59:22:
Get an attorney to get a TRO) Temporary restraining order from a court Judge the afternoon before the sale so the lenders attorney does’nt have time to get a lift of stay.
That will buy ou some time but will add more cost to the reinstatement amount.,Rudy-Austin
Re: How easy is it to get a Postponement? - Posted by Nate(DC)
Posted by Nate(DC) on March 23, 2002 at 24:03:19:
In most of the cases it is because the borrower filed bankruptcy. The lender does not want to give up its right to foreclose without a good reason. No bank wants an REO but if they have gotten this far in the process and the borrower hasn’t cured the default, the lender would not simply decide to postpone and waste all the legal fees and time they’ve expended. Rarely it may be postponed because the borrower has succeeded in selling the property. Sadly, most people in foreclosure have their heads too far in the sand to try to do something rational like sell the property, so by the time they take action it is the very last minute and the only way to stop the sale from proceeding is to file for bankruptcy.
If you’re going to buy someone’s property when it’s headed for sale, you should expect to have to cure the default in order to keep the sale from happening.
NT