What are the options?
4 Replies
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John Meza from Brooklyn, New York
posted almost 3 years agoAt what point can an auction be stopped if a buyer buys property or when is it too late do anything? Is there a standard?
Brian Gibbons Investor from Sherman Oaks, California
replied almost 3 years agoIn New York State, I would see a bankruptcy attorney, generally a filing of bankruptcy stops a foreclosure temporarily,
an all cash offer before the foreclosure auction should cancel the foreclosure
Is my favorite attorney
Douglas Dowell from Olathe, Kansas
replied almost 3 years agoThanks for the mention @Brian Gibbons
Seek local legal counsel immediately.
It is true absent a state law provision the only sure way to stop a foreclosure is the automatic stay provision of the bankruptcy law. I filed a fair number of those types of cases in another life.
John Meza from Brooklyn, New York
replied almost 3 years agoThank you Brian and Douglas for your feedback. It helps.
Curtis Rumel from Salt Lake City, Utah
replied almost 3 years agoIn Utah you can block the foreclosure within hours of the auction via BK but your attorney may charge you a premium fee for this. You might try reaching out to the lender(s). A lot of times they will entertain loan mods or a short sale first (thereby stalling the sale). If neither work out at least you bought more time in the home then try filing a BK to stall foreclosure. Even after the BK you can short sell or loan mod. If you are not upside down a standard sale will delay the same as a short. There are investor types out there that may offer to catch you up for a deed and rent back to you. Seek legal counsel for sure.
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