Property is in probate and due to foreclose the 8th of next month. Is there any way to salvage this deal before probate is complete? Probate is not due to be complete until after the foreclosure date.
If the foreclosure payoff is less than your offer, contact the lender, going through the trustee, and request a postponement. Even if your offer is less, you may get a postponement, anyway. I have had success on this, call if you need help.
If the PR has been confirmed by the court, make your offer. My understanding is that probate does not postponed a foreclosure at least not in CA..
Mark is correct, probate is not an automatic stop to foreclosure, unlike bankruptcy, but lenders would much rather get paid off at full mortgage payoff amount, rather than to repo the property.
if you can pay the forecolsure off then it stops every thing the banks want there money some body has to pay the money or they will 4close thats worse than bankruptcy
What type of loan is it?
Loss Mitigation Programs Offered by FHA/HUD
- Special Forbearance Plan (repayment/forbearance plan)
- FHA/Recast - Loan Modification
- Partial Claim
- Pre-Foreclosure Sale
- Deed-in-Lieu of Foreclosure
These Workout Programs may be used singularly, or in combination with another Workout Program (determined on a case-by-case basis), and are only available to borrowers who have FHA loans.
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