At what point can an auction be stopped if a buyer buys property or when is it too late do anything? Is there a standard?
Thanks 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.
Thank you Brian and Douglas for your feedback. It helps.
In 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.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing