Help..what docs go out prior to foreclosure sale? - Posted by ed

Real Estate Investing Real Estate Law
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Posted by Phil Pelletier on December 28, 2005 at 11:45:17:

You’ve actually done the hard part. You have found a person who is behind on payments and who is willing to open their books to you so you can help them. If you want to discuss what you should do now, feel free to call me at 503-709-8184. I’ll walk you through it over the phone. The money is there, you just need to meet everyone’s needs, and there are many needs to be met!

Phil Pelletier

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Help…what docs go out prior to foreclosure sale? - Posted by ed

Posted by ed on December 26, 2005 at 21:40:46:

Greetings!!

Just stumbled across my first sub 2 deal in preforeclosure, and needed some help brushing up on the scenario.

Borrower falls behind many months, and nasty letters start coming out… What legal/court/sheriff things occur prior to the actual sale at courthouse?

Also, can auction be avoided by paying on sale day?

thanks,

ed

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Re: Help…what docs go out prior to - Posted by Calvin

Posted by Calvin on December 27, 2005 at 15:45:11:

I don’t know about your state, but in California, I’ve witnessed trustee sales that are cancelled or postponed seconds before the sale would have started. In some cases, the sale is even advertised at a certain time (say 10:00 am), and the sales agent for the trustee will postpone the sale (even more than once) by 10 or 15 minutes at a time because it looks like the party being foreclosed on is attempting to do something. IE: Everyone shows up for a 10:00 am sale for 1 property, and the agent says “we’ll be starting this sale in 10 minutes” … then he goes on the phone and does some work … then postpones for another 15 minutes. And finally he says the sale is postponed until a later date at 10:25 am.

So yeh, stuff can happen on the sale date.

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Re: Help…what docs go out prior to - Posted by ed

Posted by ed on December 27, 2005 at 23:31:43:

Thanks for taking the time to help me out…I was able to meet with him today, and go over all the papers sent by bank. What an education that was…in Pa., at least, the law seems to give every chance possible to the owner to correct things in a rather extended time. Maybe I can make some money on this.

Thanks again,

ed