Lender Playing Hardball
Just purchased a preforeclosure, for a small amount of money, via warranty deed, with only about 2 weeks before the trustee auction. The lender (New Century Mortgage) wants $4k in a nonrefundable deposit before they will postpone the sale. There is slim equity in the house, but we stand to make something on the sale, however, we would just as soon not pay up front. Any ideas on getting them to postpone the sale?
Thanks
I only see 4000 ways to stop it..
[addsig]
Michael, that is too funny.
In FL, you could go to the sale, be the winning bidder, put down your deposit, and then never show up to pay the balance. Your deposit goes directly to the lender to whittle down the payoff and the sale is postponed.
Brenda
I was thinking, if the 4000 that you send to the lender goes directly to the payoff, then what is the problem? Of course, I do not understand what is your exit strategy.