Long Distance Deal
Hi all,
I have an interesting situation here and was wondering if I can get some free guidance from this forum. The night before leaving for vacation (Dom. Rep.), I talked with an owner in late pre-foreclosure in NJ (7 days left now). I offered my assistance to delay the foreclosure process but as timing has it there is only so much you can do when you are thousand miles away although I did write a letter for her to use when going to court tomorrow before the judge. The letter basically states that I am interested in buying the property. The owner sounds like she is just ready to move on from this house and will accept any deal.
I am assuming that tomorrow will be a fruitless trip for her and am now looking at acquiring this property during the redemption period which I understand from previous replies is 10 days here in NJ. I have some questions:
1. Is there anything that I can do right now from here to help me acquire this house or move towards doing so quicker during the redemption period (i.e. title search)?
2. Will I only have to satisfy the original full judgement amount during the 10 day redemption period?
3. Should I take the plunge into taking this sub 2 although the lender will certainly know that the title will have been changed if the property was redeemed?
All, thanks in advance for your input. I should really go and enjoy my vacation now but...
Ed
If you have her sign a release form to talk to her lender, you might be able to delay the process if you show the ability to close quickly.
In my experience the lender will not enforce the "due on sale claue" when you purchase it "sub 2." You should be set up just in case. If you are not the deal is very risky.