STTTOPING the clock...when auction is in 2 weeks. - Posted by O.J

Posted by rehabber on October 17, 2003 at 10:05:42:

I’m assuming you’re dealing with a
mortgage foreclosure sale and not a tax auction.
To stop the mortgage foreclsoure auction (aka Sheriff
Sale) you need to make the past due mortgage loan
current - ie pay the past due amounts to the
mortgage company. Simply getting the current owner
to hand over the deed to you won’t stop the foreclosure,
even if the deed says you are now the new

STTTOPING the clock…when auction is in 2 weeks. - Posted by O.J

Posted by O.J on October 17, 2003 at 09:43:03:

I am in the midst of elevating my buying power. I have a small line of credit. I am able to make small cash offers and close within 2-3 weeks or maybe less.

Problem is, the notice for auctions comes out 2 weeks beforehand. I want to contact the owner the first day but what do I need to do to stop the auction in 2 weeks.

Get a contract signed? or complete the sale before the 2 weeks is up. Some of these house are qualify for short sales and I obviously need more than 2 weeks to workout a short sale.

please advise.

Re: Stopping the clock… - Posted by MNChicago

Posted by MNChicago on October 17, 2003 at 10:13:36:

If you have a signed contract, and this property is
in FC, you can have the defendant file a motion for
stay, but you need to get this done ASAP.

The court will typically grant a 30 day stay. You can
always ask for 45 days, they can only say no.