Posted by Kim-OH on November 08, 2004 at 11:14:14:
Post this on the main forum and you will be likely to get some answers to your questions.
HELP - Sale Date Coming! - Posted by mei122@aol.com
Posted by mei122@aol.com on November 07, 2004 at 17:37:42:
I received a call from a home owner whose property is in the final stages of foreclosure. In fact, the sale date is coming up on November 23, 2004. The woman wants $2000 to cover moving expenses. She has signed a quitclaim deed and a quitclaim deed in trust. I had her sign both because I didn’t know which one I was going to record. I have not yet recorded the deed. The property is located in Cook County, Illinois. The woman owes about $95k with the ARV at $130k. It needs minimal repairs. I figure I can get a lease option tenant in there to cover the mortgage.
I have made several calls to the loss mitigation department to try to resolve this debt without losing the deal. I have not received a call back. Without having the woman declare bankruptcy, what can I do to “stall” time? If I record the deed, whether it is the quitclaim deed or the quitclaim deed in trust, will it cause the mortgage company to change their legal tactics? Will it delay the sale date? Help, I need answers quickly!
Re: HELP - Sale Date Coming! - Posted by Mike W
Posted by Mike W on November 08, 2004 at 23:04:16:
A neat trick is to contact them as a lender. They are more likely to respond lender-to-lender. PS - Don’t have dogs barking or babies crying in the background when you talk to them. 
A title co or attorney could run ‘interference’, ie. buy you some time.
Tip: If you record a 2nd mortgage, you will be better protected if the foreclosure happens, but its not guaranteed.
Good luck