NEWBIE In Need Of Your Help.
I am looking to step in and rescue a couple in need from foreclosure.
Current land/house package is worth 480k, current mortgage payoff is 150k. There are no liens against the property or owners at this time.
What I am not clear about is that foreclosure has been filed with the county 28 days ago, however what is not clear from either the bank, the foreclosure company or the current owners (more about that in a second) is the specific closing time/date by the trustee. Is there any particular dates or days from the time of county filing that will allow me to bring the owner up to good standing in order to stop foreclosure such as 30,60, 90 days ...etc. This will allow me to have the property listed, sold and current owners relocated. The current owner is under Medical duress with less than a year to live and has left the spouse to manage the finances of which she let things go. Apparently they refinanced in mid 2004, however at that time they were behind and were never able to catch up. County records show the Taxes paid on schedule, however the bank has not been getting their portion since then.
I would be grateful for any advise and information that anyone can lend.
:-? [ Edited by russb on Date 03/03/2005 ]
WA. state the length of time is 90 days from the time they file. You will have time to get your financing in order. Start with the loss Mitigation dept of the mortgage co. you will need a signature authorization form from the current mortgage holder to speak to the lawyers at Mitigation, they will give you the arrears the mortgage is in.
Good Luck,
Robert