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.