How To Stop/delay The Foreclosure?
Is it possible to delay/stop the foreclosure process, without paying the arrears, by working with the homeowners lender.
Thank you!
Is it possible to delay/stop the foreclosure process, without paying the arrears, by working with the homeowners lender.
Thank you!
Anything is possible. I've had them delay the foreclosure. But, there has to be some compelling reason for them to do so. What are your reasons for asking for a delay.
You can have the seller file bankruptcy. That is not highly recommended but it will delay the sale. You must contact the trustee and give them all of the filed paperwork from the bankruptcy court to delay the sale.
You could file a TRO, temporary restraining order. I am not real familiar with these, so I must say, "contact an attorney"
My reason for asking this question is because I am trying to offer more solutions to those people that call me. I would like to market to my pre-forcl. properties and tell them I could even stop or delay the foreclosure - and thus getting paid a small fee for negotiating with the bank on their behalf.
I agree it would also be helpful to be able to delay a sale about a month or so. I guess I never considered ways to delay the sale date but anything is possible.
not sure this works all the time, but, i got a signed LOA (letter of authorization) and spoke with the lender on the HO behalf discussing a work-out plan, forebearance..to utter dismay they agreed to a forebearance..had the HO owners work up a financial plan that worked for me, and sent in paper work.. i then took property sub-2 and selling on contract for deed-min 18 mos. to solve seasoning issues if in fact another lender considers the restructure a loan origination..i could have taken sub-2 first thing, but didnt have the cash for the arrears..it did in fact stop the foreclosure, like i said, not sure if it works every time but the few times i tried it worked..
regards-pat
There are many ways to delay sale, but it is best to have a really good reason, not just buying time. Time is great if you have a plan of action. You have a short sale working, you have a buyer you are qualifying. You are bringing in a lender to finance a bridge loan. You are using another second or first mortgage as a portion of consideration and you have to arrange the subsequent sale of the mortgages. and on it goes.
Bankruptcy is ok if you know what you are doing. You file a chap 7, then you dismiss one day prior to lst creditors meeting. You wait a day and refile again and repeat the process until the attorney for the bank or trustee gets smart and gets a restraining order. Then you deed out to someone else and they answer that they have not been served in the matter and are a party in interest.. The action gets modified and then they file an answer blah blah blah and on it goes.
When I see something like this occuring many times I will go in and offer to save the poor lending institution. They can sell me the property for a really reduced price and I will take over and step in their shoes. Of course I petition the Bankruptcy Court for an order restraining the naughty person in possession form any more filings. I modefy my pleading with so many John Does and Jane Does and Larry Lees etc. they think it is an army that I am suing.
The minute I get the judgement and the writ of possession I run for the Sheriff's office and I bonus them yes I do, really I do honest I do. About $100 extra. I want them out there right away. I am there of course and I usualy arrange housing for those who are being evicted. Why? Well I am 81 years old and in a few years I am going to have to explain these matters to a much higher authority. Frankly I am sure that in that heavenly group there has got to be one SOB that I evicted and I am going to need all the recommendatons I can get. Make sense? Next I got to start tiping the priest when I confess. Now that ought to help. Luv to all Lucius
Lufos you know that you will always have my recommendation.
I know that I'll be counting on you for a reference.