Delay Foreclosure By Contesting?

Hello Everybody! I'm currently working on my first deal with an individual in foreclosure. Foreclosure was filed about 6 weeks ago. The individual did not dispute the complaint within the allotted 20 days.

He has received a letter stating that he now has 5 days to object to the default judgment. I have found some inaccuracies in the complaint. Can I dispute these inaccuracies in the complaint now to delay the foreclosure? Are there any other tactics I can use to delay the judgement?

It doens't really affect my deal because I believe in WI the redemption period is six months after judgement, after which time the auction can be held. So I will have plenty of time to close before the auction. However, I would like to preserve the individuals credit if possible.

Thanks for any advice.

Justin

Comments(3)

  • jfalkreii25th June, 2004

    Does anyone have any experience with this? Thanks,

    Justin

  • bgrossnickle25th June, 2004

    Foreclosures are specific state by state. If you had your town and state in your profile it would help. You have to read through your message to see the WI.

    Brenda
    from FL

  • commercialking25th June, 2004

    A notice of default judgement means no one responded to the notice of foreclosure. Yes you (actually the seller/owner) can create some major delays at this point for very small money.

    Go into the court and ask for time to get an attny. The normal request is 4 weeks, "to answer or otherwise plead". The judge will probaby give you a couple of weeks to find an attny and then give him the month to answer. So for a few hundred bucks you buy 6 weeks. Come up with real defenses and the price to pay off the mortgage may actually start to come down.

Add Comment

Login To Comment