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Sam M.
  • Real Estate Investor
  • Craigmont, ID
239
Votes |
562
Posts

How do I stall a foreclosure

Sam M.
  • Real Estate Investor
  • Craigmont, ID
Posted Dec 17 2009, 05:02

I found a property set for auction on the 5th of January but homeowner not yet willing to give up on the house. HO is hoping for approval on a VA mod.

I have an agreement from HO to allow me to call in a couple of weeks but will not allow me to walk through the house to estimate repairs or get the ball rolling with preliminary paperwork.

The problem is that I am not sure I have enough time to get the necessary paperwork and inspections/estimates done before the auction.
Spouse is in the clink with name still on title and not sure if I can get an agreement (QCD) from the incarcerated to relinquish his ownership interest in the house (they aren't talking).
I think the property has potential though I haven’t seen the inside to estimate repairs.
Payoff on loan is 55% of ARV

Is there a way to stall the auction as a homeowner short of BK or as a potetial buyer?

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