Posted by Stacy (AZ) on April 20, 2000 at 13:08:00:
State’s laws vary, but I know you can buy the property from the owners any time before the actual trustee’s sale. When you say they will be “going into foreclosure in 10 days,” does this mean that their lender will start the foreclosure process then, or that the forclosure sale has already been scheduled to occur in ten days?
Either way, contacting the lender (loss mitigation dept.) and asking about stopping the sale is important. Also, keep in mind, they may be willing to take less than the mortgage balance (short sale).