Posted by Bill - FL on August 05, 2002 at 19:22:56:
Call up the loss mitigation dept and ask. You might get lucky especially if the properties need alot of repairs.
When is it too late to discount? - Posted by jms
Posted by jms on August 05, 2002 at 15:01:06:
I have two properties that are foreclosing on friday, both sellers would like to attempt discounting there mortgages through their lenders. My question is this. At what point is it too late? It is Monday, the sheriff sale is friday. Should I tell them to “its too late” or should I get the release agreement and fax the offers to the lenders? I live in Washington State and in our legal foreclosure notices we get statements like this:
The sale will be made without warranty express or implied regarding title, possession, or encumbrances on August 9, 2002. The default(s) referred to in paragraph III, together with any subsequent payments, late charges, advances, costs and fees thereafter due, must be cured by July 29, 2002 (11 days before sale), to cause a discontinuance of the sale. The sale will be discontinued and terminated if at any time on or before July 29, 2002 (11 days before the sale), the default(s) as set forth in paragraph III, together with any
subsequent payments, late charges, advances, costs and fees thereafter due, is/are cured and the Trustee’s fees and costs are paid. The sale may be terminated any time after July 29, 2002 (11 days before the sale), and before the sale by the Borrower, Grantor, any Guarantor or the holder of any recorded junior lien or encumbrance paying the entire principal and interest secured by the Deed of Trust, plus costs, fees and advances, if any, made pursuant to the terms of the obligation and/or Deed of Trust.
Any help will be appreciated,
JMS
Re: When is it too late to discount? - Posted by Nate(DC)
Posted by Nate(DC) on August 05, 2002 at 20:20:51:
I agree with Bill that it never hurts to ask, but if I had to guess, I’d say it’s “too late”.
NT