Posted by dewCO on November 19, 2000 at 18:30:27:
Not totally up on all the ins and outs of preforeclousres myself, but do know that if you bring the loan current, you need the estate to get the bank to allow it to be reinstated, writing. Just because you pay it current, doesn’t mean the bank has to stop foreclosure! (They might allow it in this case, because of the sudden death.)
First YOU need to know what it’s worth. Then the executor should get the permission to reinstate the loan, and get the dollar figure that will do it. Yes, thee might not be much room here in this one if the $115k figure is the loan balance, because there are usually $5-$10k in fees and late charges when it’s this close to the foreclosure sale.
From all the posts here, you don’t usually get any deals at the sale itself. You need to get these, before the sale and the earlier the better, because othewise, the amount needed to bring the loan current or to even pay it off, is considerable. Then it just depends on if there is any equity in the deal.
You have lots of mentors here, just keep posting your questions. Better to have lots here and than one, who may be busy when you need an answer. Good Luck