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).
There’s this house I’ve been trying to get for months. The buyer is finally desparate enough to sell because they are going to foreclose in 10 days if he doesn’t. I want the house for myself (to reside in), not as investment. I’m approved for 270K and he’s asking 260K. Is there a way to hold off the foreclosure because I doubt I can close before 30 days.
Re: Want to Purchase before Foreclosure - Posted by GENE MORGAN
Posted by GENE MORGAN on April 21, 2000 at 14:18:09:
try to contact your bank/lender to get a commitment,take commitment and your contract of sale to the bank about to foreclose and ask for extention. or if you can find the cash, via;friends,relatives,hard money/bridge financing and close right away.