Can I Get An Extension On Foreclosure?
I have a contract that I am in the process of wholesaling. Here is my dilema:
The property goes is going to be foreclosed on this coming Thursday. I have a person that is interested in the contract, but believes that we need more time in order for the title to clear (search, making sure that there are no more than 2 liens (all that I know about) ). Would it be possible for me to take my contract with the seller as well as a pre approval letter to the courts to get an extenstion of.... lets say 30 days in order to get time to make sure that the title clears? Or is this something that I shoudn't be worrying about? This is my first transaction and I need help as soon as I can get it. Please help, if anyone has been in a similar situation or understands the probate laws... please lend a helping hand.
Thanks in advance.
I am a little confused. There is a foreclosure of a mortgage? You then ask if anyone knows about Probate and can this be done. I am confused. Which/What is going on?
Some time ago, involved in the sale of a property as a broker. I had the Foreclosure sale postponed. I called the Trustee (he that conducts the sale) and asked him to call the Beneficiary (he that loaned the money) and ask them to postpone the sale for two weeks. The nice Trustee called me back and said for $2,000 Cashiers Check deposited with Trustee they would do so. The Trustee would on the published date and time of sale, call the sale and announce the postponment. This was done. The sale postponed. At that sale were four well known speculators heavy with cash and guts. Shortly before the new sale date I asked again and this time it cost me $3,000. Once again there were still two well known speculators heavy with cash and guts. I was there. After a discussion concerning the hot weather, the price of concubines etc. they talked about an upcoming sale in two weeks that they were really keen about. The Trustee called the sale and announced another postponment for two weeks. (strange, the same date as the sale of great interest to the speculators.) My Buyer stood me up and backed out of the deal in which I had invested money to halt the sale. Soo you will never guess, yes you will, cause you would have done the same thing. I attended the sale and bought the property. Guess what no opposing Speculators there present. Really good deal. My Ex Clients son bought the property from me. He painted it a heavy yellow with red trim on doors and windows. It is up in the hills of Hollywood called Mount Olympus Estates. I think he will win the bad taste award for 2003. He is of course a film guy. Set decorator. Into Gothic, Has a ring in his eyebrow and on his tounge, god only knows where else!! Fast learner. I did not go to the housewarming. Not because of the paint job, Because my Pushtu and Dari are non fluent. and all the guests carry little curved knives. One of these days I am going to run into Osama there. I wonder if he would like to buy a house. We could make a vest for the dog, line it with C.Stuff and send him to visit. Big boom solve everybodys problem including my cat.. Cheers
Lucius
Im confused as well... you lost me right around "the price of concubines".
Not sure if you are ridiculing me or not, so I will start over (exuse my ignorance).
The place is going to foreclosure on thursday.
I have a signed contract on the place.
Im trying to sell it wholesale.
The buyer that I have lined up says that we may need more time to get the title cleared (or make sure that it is).
My question, will the court allow an extension on something of this matter.
If Im not clear, a "can you clarify" will suffice.
Thanks
Sorry, To obtain a postponment of a foreclosure sale. You must contact the Mortgage Holder and the person or company who is conducting the sale or in the case of a court sale only the Mortgage Holder. For consideration ie money, you can probably obtain that postponment. The court, judge will announce the sale and the new sale date. I assume your position is 100 % secure as to performance. That is important because the consideration is non returnable and is given only for the act of postponment. Does this answer your question? Sincerely, Lucius