Auction In 10 Days
Posted this in Foreclosure forum, please don't kick it out, I think it should be in this forum... Seller 20K in arreas. FMV 170K Final judgement 165K Loan balance 138K @ 13% interest :wow: Auction Date 3/9/04 Needless to say Making up the back pmts and taking Sub-2 is OUT... They don't want any money out of the deal. So I'm not worried about paying them. Just keeping Foreclosure off their record. Looks like SS is the only option I guess? Am I wrong? My concern is this: Is there enough time to do a SS? Especially for someone who's never done one before...likewise...Can the auction date be pushed back? Is that possible? Thanks for the fast response. Sam
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Oh yeah, house is beautiful...Will the bank consider SS on a pretty house?
Sam
well it will depend on the lender. They may want the full amount, but if you can make the case that if they take it back they will have to hold it and pay a realtor to sell it. Add up what it will cost them and subtract from the balance, you can always add in carpet and paint. Then offer that amount to them and buy quickly they may postpone the sale. But it will not be much of a discount... You can also tell them the homeowner will file bankruptcy before the sale and hold them up another 3-6 months etc.
But there is a chance they will just say no...