Posted by Natalie Smith on November 10, 2004 at 14:30:57:
It’s been my experience that at this stage of the game, the lender wants their money. Recording a deed will not get them their money. I’m not sure how foreclosures work in Illinois, so I am speaking from a Virginia perspective.
You need to find out how much the lender wants.
Do they want the entire loan paid off? This would mean that you would need to get new financing and get the deal closed before 11/23.
Usually, the lender will have a reinstatement fee that will catch up the borrower on their past payments along with all of their legal fees. Payment of this money would stop the sale. The homeowner should have a letter from the foreclosing attorney that states the amount of money required to reinstate the loan. You would still need to make sure you get a current amount, because this number tends to go up as the sale date gets closer.
Normally, at this stage of the game (in Virginia at least), the lender’s loss mitigation dept has already turned it over to the foreclosing attorney and wants them to deal with it. Contact whoever is conducting the sale and see if they can help. You will probably need an authorization letter from the borrower to get the information released.
Good luck!