Foreclosure Auction is on Monday...HELP..QUICK!!! - Posted by bvmp

Posted by Andrew on June 23, 2001 at 23:48:37:

Additionally, the homeowner may have (state specific) an opportunity to redeem the property back after the fact. However their is no time for procrastination as time is of the essence. Good luck!

Foreclosure Auction is on Monday…HELP…QUICK!!! - Posted by bvmp

Posted by bvmp on June 21, 2001 at 23:32:52:

I have a client that is being auctioned off on Monday and she just now asked me to give her some help. What are my options? Is reinstatement an option at this point or will the bank just laugh? (She’s about 6 months behind but her payments are only $320 per month)

Tons of equity but not a whole lot of time…well you creative and experienced minds…what would you do?


Re: Foreclosure Auction - Posted by JT - IN

Posted by JT - IN on June 22, 2001 at 08:51:42:

You/she should be in touch with the Attorney or Trustee that is handling the FC for the lender, TODAY! Contrary to what some folks think, the Lender is in the Lending and Servicing business, not in the business of owning RE, so they would prefer to keep it that way, if possible. Depending upon how badly this homeowner has attempted to “jack-around” the Lender or Atty, will somewhat determine their flexibilty here. In addition to the back payments and interest, there will be Atty fees, and filing fees for FC.
Also at play, depends on what State the property is located, will determine the rights of the property owner in FC, as to whether any recission rights exist.

Best advice is for you and property owner to contact Atty/Trustee, together, and determine what options exist, and re-post any of that info, for additional suggestions. Where is location of property? What are your plans as an Investor, if property can be saved from FC ?