question about foreclosure that i stumbled on

4 Replies

Help !!!!!!!! I walked into a whole house sale yesterday.

Striking up a conversation with the lady i finds out the owner is loosing the home in foreclosure... I manage to get his phone number...Call.... and sure enough he is supposed to be out by mon the 16th

Now there is equity in the home. I can get the cash to buy out the mortguage.

However i have the following questions

1 - when is it to late for the homeowner to settle ?

2 - Do the banks usually add fees and higher intereste on the property or would i be able to just pay off the mortguage and be square?

70k in equity would be a sweet little deal.

@Tony Gatto

They have to be out by tomorrow on their own or the sherriff will do it by force. They blew their chance to keep it. It has just graduated from short sale to foreclosed. At this point even if you tried to help the owner(former-owner) its not going to work. If the owner has every red cent of the defaulted monies with all fees and throw in a $1,000 bonus the bank won't accept it now. You will likely have to purchase it from auction which is soon to come. Find out the name & number of the realtor handling the auction. If you don't get it there (and noone else buys it) then buy it directly from the bank later.... 

Kudos,

Mary

Yeah Tony, I agree with Mary B.  above. It is too late for you to get the house when the bank already has it in foreclosure. It will go to auction.

Keep track of it, but once it goes to auction your chances become slim.

You maybe able to get it from the bank it if doesn't sell.

@Mary.... on their own. The bank has assigned a realty management company to handle the home...

The bank will auction it off close to FMV.

Joe Gore

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