Need Help Fast
found property going to auction tomorrow
120K equity in property .I talked to owner who wants to work with me. Is it possible
to stop a auction by tomorrow?
If so what are my options to get this property with as little money as possible?
I am somewhat familiar with land trust,
Any help or advice anyone can give is appreciated.
Thanks Mike
We know is the state of Illinois, it is impossible to postpone an auction scheduled for the next day. Lenders believe there has been enough time for the seller not to pay what was agreed (the mortgage). It may be too late for you on this deal.
Consider working with this person as your NEW tenant buyer for one of your rentals. They may have funds in reserve since not paying the mortgage.
Eric & Rosa
[addsig]
There are at least two ways to stop the foreclosure auction. The first is to pay what's due or make an arrangement with the lender... unlikely at this late date or, second, have the homeowner run to the nearest federal bankruptcy court and file a petition for bankruptcy.... then notify all applicable parties that the Auction cannot proceed.
He can use an attorney, or obtain a short form, three page petition and file it pro se.
Thanks a lot for the input. By the way wasn't able to get it. It could have been done though for future reference. By the time I had tracked down the necessary people it was 5:30 the guy told me if I had talked to him 2 hrs. ago we could have worked it out. Tough brake!! I guess that one wasn't meant to be; tally ho on to the next one!!!!!!!!!!!!!!
Thanks again
Mike