Hello from Texas..ok before we get started...my wife is from Blackduck Minnesota...you ever heard of it? I have yet ti find anyone who knows where it is and I am starting to think...IT DOESN'T EXIST. :)
Ok, to answer you question:
"How long do we have to get this deal together before legal foreclosure action occurs?
In other words, how long do we have before things get complicated and/or legal fees start occuring, and a lawyer needs to be involved?"
It depends. It depends on the bank. If it's BOA then you might have forever. If it's a small local bank, you might only have a few days.
The best thing to do is get the LOA signed and call and ask the bank where it is in the process. You can also just catch it up and avoid foreclosure all together (only if you have legal control of the property of course). Or hustle and find a buyer and get the "catch up monies" from their Option payment.
Another thing you can do is have the home owner call and ask these questions (how much do I need to bring it current, is it in foreclosure, what's the foreclosure dat, etc.) while you are on 3-way.
As far as fees...chances are there are already fees tacked on. When you talk to the bank they will tell you what the amount consists of.
If the property owner was in foreclosure they would have been sending them mail and they would know it (unless they are avoiding their mail which happens a lot in these cases).
I hope this helps. Let me know if you have any other questions.
Mark
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