Quickest Way to STOP a Foreclosure? - Posted by Big Harold

Posted by David Krulac on September 30, 2003 at 06:56:55:

AS other have said, sell it take your profit and prevent the foreclosure. You have been sucessful in flipping, you can sell this property and replace it with another.

In Pa. you have up until 1 hour before the sale to bring the loan current and stop the foreclosure. I forget but I think Dauphin County Sheriff Sales are only either 4 or 6 times a year. So there is months between sales.

Both a foreclosure and a bankruptcy will NOT help your future investment program. I’d recommend neither. They are last resorts.

When is the sale? Have you tried to sell it? Is it rented? Can you sell to the tenants?

David Krulac
Central Pennsylvania

Quickest Way to STOP a Foreclosure? - Posted by Big Harold

Posted by Big Harold on September 29, 2003 at 10:41:58:

Hello again,
I’m writing this because I have a rental property that’s going to be sold at foreclosure on October 9th! I’ve been working on this for the past year, and have cleaned up my credit and everything I owe - except this. I’m working on getting up some cash (flipping properties like a fiend), and actually have some cash reserves, but I don’t want to sink it all into this. What can I do to just buy some extra time?
I’ve heard that if you just FILE for bankruptcy, it’ll get you a little more time. Won’t that adversely affect my credit too? I ask because I cannot let this go into foreclosure - I want to begin my career as a rehabber, and I know I’m gonna need good credit for this. A foreclosure would keep me in bad credit hell for a least a few more years.
Any help would be greatly appreciated. This site rules.

What State is the property located…? - Posted by JT-IN

Posted by JT-IN on September 29, 2003 at 20:30:41:

I forget where you are… It is best whenever speaking about foreclosure law, to include the location of the property, as this answer could vary severely depending upon location…

There may be several solutions here…

JT-IN

Re: Quickest Way to STOP a Foreclosure? - Posted by Kevin Hamilton

Posted by Kevin Hamilton on September 29, 2003 at 15:58:34:

If worse comes to worse, why not just sell the property? Even if you have to sell it way below market to another investor due to time issues, it seems that would be way better than letting it go into foreclosure. This is assuming that you don’t have the cash reserves or a way to refinance. It might not be what you want to do, but it will save your credit and allow you to concentrate on your more successful investments.

Re: Quickest Way to STOP a Foreclosure? - Posted by David Krulac

Posted by David Krulac on September 29, 2003 at 15:52:37:

Don’t pay anybody any money, except the mortgage holder. I presume that it is an institution not an individual.??? Usually an individual is easier to deal with and more flexable.

Any the mortgage holder if you pay a lump sum will they postpone the sale. Make sure that you got this in writing.

Sell something else including personal items to get enough cash to pay the back amount owed. Once I sold my car to pay a big plumbing bill

Re: Quickest Way to STOP a Foreclosure? - Posted by Kristine-CA

Posted by Kristine-CA on September 29, 2003 at 12:51:27:

Harold: if you can flip like a fiend, then just pay off your arrears and flip another. Think about how far you have come if you have the cash in the bank–instead of hoping that a deal with close in time so that you can stop the foreclosure.

Cash reserves are replaceable–you’ve already proven that. A BK or foreclosure will slow things down in a big way. Take the high road, man. It’s right in front of you.

Sincerely, Kristine

Re: Quickest Way to STOP a Foreclosure? - Posted by MNChicago

Posted by MNChicago on September 29, 2003 at 12:21:26:

You should have a court case going. You can file
for a stay to delay, but if you do not have a good
reason, you may provoke the judge and make it more
difficult for yourself.

It seems incongruous that you want to make money
flipping, but you are losing a property to FC,
demonstating an inability to handle a rental deal.

Find a seller, and that, too, will get you a stay
in court.

Not enough info to say more.

Re: Quickest Way to STOP a Foreclosure? - Posted by Nate(DC)

Posted by Nate(DC) on September 29, 2003 at 12:20:33:

One other though, however…

If it’s going to F/C on October 9, that means you’re already at least 3 months delinquent on the loan, right?

How is THAT helping your credit? Is the loan not in your name?

Good luck,
NT

Re: Quickest Way to STOP a Foreclosure? - Posted by Nate(DC)

Posted by Nate(DC) on September 29, 2003 at 12:19:45:

Harold:

Situations like this are WHY you have cash reserves.

I remember talking to you when you were just starting out, and if you’ve been working on your credit since then, that has been a long time. You definitely don’t want to do anything to screw it up. Things that would screw it up include:

  1. Letting it go to F/C
  2. Filing BK
  3. Hiring “US Loss Mitigation Services”

Things that would not screw it up:

  1. Using your cash reserves to get current again. I am sure you don’t want to, but you don’t have cash reserves so you can use them as you WANT, you have them so you can handle problems like this that arise. Maybe you’ll have no cash reserves for a few months. That may hurt. It’s supposed to hurt. That’s how you learn your lesson not to let this happen again!!

That’s the only one on the list!

Good luck,
NT

Ever Heard of US Loss Mitigation Services? - Posted by Big Harold

Posted by Big Harold on September 29, 2003 at 10:47:19:

I forgot to add this to the last post - these people said they could stop the foreclosure, for the small fee of $1000. The salesman told me it was guaranteed, or my money back, but nowhere in the paperwork did it say anything about a refund. I just had a bad feeling in my gut reading the paperwork, so I decided to wait a day. What do you think about this?

Re: Quickest Way to STOP a Foreclosure? - Posted by Peter@AmaKya

Posted by Peter@AmaKya on September 29, 2003 at 10:47:13:

Where is yout house Harold? Maybe you could sell it to an investor such for the outstandings and be free and clear with your credit. Call me at 210 523 9990

Re: What State is the property located…? - Posted by Big Harold

Posted by Big Harold on September 29, 2003 at 21:26:57:

The state is Pennsylvania. Thanks in advance JT.

Harold Wilson

Re: Ever Heard of US Loss Mitigation Services? - Posted by Barry (FL)

Posted by Barry (FL) on September 29, 2003 at 18:44:53:

If you’ve got $1000.00 why don’t you call the lender and see if they will offer you a forebearance agreement? They will take some money now and add a bit to your regular payment for 6 months to a year.
You have spoken to the lender, haven’t you? If not call them right now!!! They will speak to you. They don’t want the house!

Hope This Helps,
Barry (FL)

Re: Ever Heard of US Loss Mitigation Services? - Posted by Nate(DC)

Posted by Nate(DC) on September 29, 2003 at 12:16:53:

Without even reading the materials or knowing anything about them, I can tell you:

It’s a scam.

NT

Re: Quickest Way to STOP a Foreclosure? - Posted by mike

Posted by mike on September 29, 2003 at 11:49:41:

If you are in florida we can help, with a private mortgage is 65%ltv works for you. The rates start at 9.99 with 5pts. It will buy you some time and then we can refi you later.