Posted by Stacy (AZ) on June 02, 2002 at 21:52:23:
I’ve stopped a foreclosure the day before the sale. It’s a long shot, but worth trying.
stopping foreclosure a day before - Posted by Deepa
Posted by Deepa on June 02, 2002 at 09:36:30:
The home owner has negative equity. I am planning to send signed sale and purchase to mortgage company. The offer is lower than the mortgage amount. So I am thinking that the mortgage company will deal with me to stop the house from forclosure procedings. The owner is desparate and he has no money to pay back paymnets. I have the release of information letter.
What is the right way to deal with the bank to discount the morgage in one day or to postpone the foreclosure? Please reply.
You could also ask how to run a 3 minute mile - Posted by Ronald * Starr(in OK)
Posted by Ronald * Starr(in OK) on June 02, 2002 at 16:54:01:
Deepa-------
Some things are not very likely to happen. You can try and see what happens, but don’t get your hopes up. Why should the lender deal with you anyway? What’s in it for them. You want them to do a short sale, whereby they take the loss on the property sell.
You might make it happen, maybe not.
You might want to ask how you can run a three minute mile also. If you get good advice, you will become world famous.
Good InvestingRon Starr***
Re: stopping foreclosure a day before - Posted by Stacy (AZ)
Posted by Stacy (AZ) on June 02, 2002 at 11:59:27:
Get in touch with the Loss Mitigation department right away, and speak to the supervisor (not the account rep). Explain that you’ve signed a sales contract with the owner, and need to have the FC sale postponed. He’ll probably need to see the contract, so you’ll fax it to him. Then, if postponed, you’ll have the time needed to negotiate with the bank.
I don’t give you much of a chance, though. This is very late in the game.
Re: stopping foreclosure a day before - Posted by jafon2k
Posted by jafon2k on November 23, 2002 at 08:49:40:
You can stop foreclosure the day before by filing a bankruptcy. Notify the law firm and bank of the filing.
The bankruptcy will not go against the seller unless he actually completes it thru subsequent court action.
If he completes the sale to you (since you have the contract) the seller can discontinue the bancruptcy action untarnished.
Input of others are invited?
Don’t bother, it’s too late (NTXT) - Posted by Michael A, Bardelli
Posted by Michael A, Bardelli on June 02, 2002 at 15:44:06:
nt