2nd Foreclosed, 1st Due On Sale?
We bought a duplex at auction the other day, when the second deed of trust foreclosed. The first also happens to be in default, with sale scheduled for late August. This loan is an FHA loan (non assumable for non owner occ.) and is through Wells Fargo. I have received payoff figures as well as reinstatement figures from WF.
We intend to retail the duplex, after some cosmetic fix up. The question is, how can I stall the due on sale, to give us a few months to fixup, sell, and close on this property?
Thanks
You mention that the house needs only cosmetic fix up. You also mention that the sale is in late August! That is 4 months from now--I would sure hope it would be sold by then.
My advise...get it on the market before the end of the month. Worry about the sale if you don't get an offer for 8 weeks or so.
I second myfrogger's opinion. You can have the property sold by late August. If it doesn't close by the sale date, contact the first and have them continue the sale based on your pending closing - they'd rather get paid sooner than later.