Postponed By CO
does anyone know what reasons could cause a sale to be postponed by court order?
this has been happening a lot and i'm not quite clear on how it happens sometimes. i go to the sale (only to make sure something i'm looking at DOESN'T sell) and realize the home i'm looking at doesn't get bid on. it actually gets called and they announce the opening bid and get no action. THEN they say it's postponed by "court order". i'm wondering what stipulates that.
i've seen this on homes that i've tried getting in the past and the homeowner will not have done anything to reconcile the default, not filing bk or proving funds or any attorney action - but it's like it gets postponed because the sheriff is pissed that no one made an offer! so instead of giving it back to the bank, he postpones (to try again later).
this may be common, but i just started paying attention to it recently.
The only thing I could think of is that the borrower got an Attorney to postpone the sale. Usually in the city I live in the property goes back to the Bank. The borrower reinstates the Mortgage. The borrower filed Bankrupcy. The property gets postpone to another sale date. Or someone bids on the property. I never seen where a property just gets postpone without an explanation. You can always call the Attorney for the Plantiff a get some information. The company doing the sale doesn't have all the paper work in order. Or maybe the propety is on the Demo List and the Court postpone the sale Good Luck <IMG SRC="images/forum/smilies/icon_lol.gif"> [ Edited by GREATLAKESLAND on Date 12/26/2003 ]
Quote: i go to the sale (only to make sure something i'm looking at DOESN'T sell) and realize the home i'm looking at doesn't get bid on. it actually gets called and they announce the opening bid and get no action. THEN they say it's postponed by "court order". i'm wondering what stipulates that.jackman,
Why not ask the plaintiff's attorney/representative at the sale what happened and why?
What could cause a property to be removed from the Sheriff's Sale schedule?
1) In many jurisdictions, the Defendant (Homeowner) is entitled to one or more discretionary adjournments and may request that the sale be adjourned. That request must be in writing, and there must be a sound reason for the adjournment,
2) The Homeowner files a petition for bankruptcy and the Sheriff's Sale is adjourned,
3) The Plaintiff (mortgagee) requests that the Sale be adjourned for one of several reasons: to facilitate a pending preforeclosure sale, or it became aware of some error in Notice.
I'm sure that there are many other reasons, too.
thank you gentlemen. yeah, i KNOW nothing happened on these particular properties because i was trying to short sale them. the owners wouldn't do bankruptcy and definitely don't have an attorney to dispute anything and don't want one. they're the epitome of "motivated sellers", they want out bad! my initial short offers were denied and i watched them at sale.
i didn't think to go ask the attorney for plaintiff what happened. very good point. i'll go do this today or tomorrow. either way, i have time now to buy them outright - usually get postponed for 3 to 4 months.
thanks much!
Postponment of a foreclosure sale has many reasons. If you are attempting to gain the property you should be in on all of these items, cause that tells you the real story and also just where you should intrude.
For Example:
1. Property goes into foreclosure as the person in title does not make the payments. You see the foreclosure and cause your are curious or greedy or an interesting combination of both, check it out and you see a foreclosure from a small second. Behind it is a nice big goody of a Third and oh my god behind that is a Fourth and, will it ever quit, a nice lien from our favorite Uncle, Sam the man. Then, yes as night must follow day another from the State taxing agency.
You examine and see that what is going on is a nice semi non conforming individual clearing liens, judgements and secondary paper from his property. Nothing wrong with that it is called in the parlance of LaLa land, "Screwing the Man."
Without resorting to Sophistry moralistic views, lets ask the question Prime. How can a few dollars be made from this interesting situation?
You might contact the third, try to buy for pennies on the dollar his Note secured by Mortgage or Trust Deed. This puts you right behind the foreclosing notes and entitled to all funds generated at that sale above and beyond the claim of the sale. Up to the full unpaid balance due on your note. You buy a $20,000 note and its position for $2,000. Now that is what you have to play with. You can bid the sale plus and get back from the Trustee all the money you are entitled to receive under your note. Now thats one way. But not the only way.
You can for example go talk to the nice home owner who is involved. You can do the dastardly deed then sell him back the house after foreclosure. Be sure to tell him not to put it back in his name cause then it is all wasted effort. This game can be played with all borrowed cash from some friendly investor that you may wish to cut into the deal. Take care elderly investors are greedy. Put it all in writing and carry a big knife.
I hope this stirs you up to think. Because there are many variations on this little manipulation, and, they are profitable. well almost always. I goofed one big time. But thats another story.
Go for it. Lucius
very swift lucius - as expected. only prob here is that there are no liens (already ran title when she deeded me the place - that i've never yet recorded) and only 1 mortgage. but i like the idea of buying the 2nd position. never until now have i looked into the benefit of doing this.
next, she will NOT buy the place back, she is a mortgage broker herself and has already approved herself for another loan on another place, so any other effort on this home is almost completely out of the question for her.
from the wanting to get rid of it standpoint, she's more motivated than anyone i've come across, but from the being active in it until she leaves or i get it, she's not interested at all. lady lost her hubby 4 years ago and wants to rid herself (and her new b/f) of all memories and that high interest rate that the bank swapped on her - 12.5% on a refi from 8.5%.
at any rate, thanks for the info - i can use it on some others!!
Hi Jackman,
She was a Mortgage Broker and got wonked for 12.5%? What terrible thing did she do wrong?
My example was just a fer instance I did not think it applied to your present time transaction. Besides I am one of your fans, I like your postings and I think you are moving well.
I still can't get over it 12.5% Is she an active Mortgage Broker? Is she checked out on whats happening in the market. Does she not know how to buy down or cut thru all the little costings and things. My god if I were her husband I would probably have died too.
So get rich, call me when it happens, I love to talk to rich people.P.S. You are invited to the new house warming. You know one made out of containers. You have to check your can opener at the door. Cheers Lucius
thanx lufos, i'm humbled.
i didn't get the 12.5% either. actually i don't know what she does exactly, but she told me that's what she does. whatever she did, she got bonked over the head on that one. actually i did too, b/c if her rate was still 8.5% i'd have her house NOW! haha. i'd have subto'd it the day i met her.
you can bet, the second i get rich, we're partnering on some huge deal to buy an island in southeast asia or the mediterranean ....
In addition to the above reasons, the other most common problem is that at the last minute the Trustee realizes that he doesn't have the original note. When mortgages are sold they lose the note a lot of the times. They have to postpone in order to get a replacement note. That usually takes about 30 days. Check back for an auction date in about a month, you will probably find it back on the calendar.
Barbara