Florida Foreclosure Sale Question - Posted by Holly

Posted by Brandon on January 06, 2004 at 20:18:16:

If its her first forclosure, sometimes the court may delay the sale for a few weeks IF the home owner has a purchase contract in hand.

Florida Foreclosure Sale Question - Posted by Holly

Posted by Holly on January 06, 2004 at 19:18:47:

I found a house that is going up on the auction block SOON. The owner called me back and said she would be willing to take some $$$$'s to walk away. Good equity in the property. If a sale is scheduled is there anyway to get around that ? Of course it will be more beneficial to purchase the from the owner.

Thanks !

Re: Florida Foreclosure Sale Question - Posted by dk

Posted by dk on January 07, 2004 at 11:09:32:

Your question is vague and the replies are more complicated than they need to be. First I wouldnt give her a dime, she isnt going to get anything at the courthouse steps and she needs that hit home. So give her a selling dose of reality. Get a purchase contract to take it S2, and an authorization signed so you can talk to her mortgage company. Call them up and see how much they need. This is the easiest way to do it. Buy it S2, pay the past due amounts (if you have the $) and keep on going. Its her house until its foreclosed. The lender wont care who pays the past due amount. If you can pay it and still have equity, do it. Haggle with them on some fees, or the past interest, whatever you can get. It probably wont be much it there is good equity and they know, but if you can pay the $5-8k to get it caught up and make $15-20k profit on a lease option and cash flow then go for it. These numbers are a guess because your post was brief, but the lender would rather be current than keep on with the foreclosure.
Good Luck

Re: Florida Foreclosure Sale Question - Posted by JT-IN

Posted by JT-IN on January 06, 2004 at 22:18:51:


Lots of ways to get around the sale…

The first and foremost way is to check the mortgage and Note and see what they say about reinstatement… It is these documents that govern what will or won’t be permitted by the Lender. Many times the Lenders will also be more lenient that what the mtg and note call for, but they cannot by law, require you to live up to a timetable that is less than what is stated.

You can usually payoff the loan within a few days before and sometimes up to the time of the sale. Signed Purchase contracts may be honored by some lenders, but not by too many, as they are under NO obligation to do so.

The Debtor can always file a Bk, (Chapter 13) which will by law delay the sheriff sale process. This can cause certain restrictions upon your sale, as you will need to wait until the dipostion of the Bk before you move forward with your purchase, if this option is utilized.