Posted by Natalie-VA on July 19, 2005 at 13:52:54:
What is your intention with this property? Do you want to buy it? When is the FC sale?
Can you just buy it before the FC sale?
If there’s not enough time, you can try and buy it subject to the existing mortgage, but if you’ve never done this, you should seek legal advice.
Another (risky) option is to get it under contract using the reinstatement funds as your earnest money deposit. I have done this and don’t recommend it. If she decides not to show up at closing, you will be in for some major headaches.
–Natalie