Foreclosure Auction Sale Cancelled Seeking Advice
Hi all,
My wife and I were looking to bid at an auction in two weeks on a preforeclosure home. We got a notification today that the sale was cancelled due to reinstatement of the mortgage. The owners filed bankruptcy in 2019 and went through a previous foreclosure in 2013. Does anyone have advice on reaching out to owners post reinstatement to see if we can purchase directly from them if interested?
I'm not sure what kind of advice you are looking for. The owners names and address are a matter of public record. You could send them a letter or a postcard, or knock on their door, and ask them "Do you want to sell your house?"
That's pretty much it.
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@Jeff Copeland
If they reinstated why would they want to sell their home? The whole purpose of reinstating is to keep their home
Quote from @Chris Seveney:
@Jeff Copeland
If they reinstated why would they want to sell their home? The whole purpose of reinstating is to keep their home
I have no idea. I was just answering the original poster's question.
But, to be fair, just because someone reinstated their mortgage after a looming foreclosure doesn't mean they'll never want to sell the property. It could be worth staying in touch.
@Robert Thigpen
Hi. Yes, I would go knock the door, or hand deliver a letter… “hi, my wife and I are looking to purchase in this area, wanted to check if you were considering selling” something like that.
Why would they want to sell?
Maybe they took a private loan to avoid foreclosure but they know they’ll be in trouble in 4 months anyway - SUPER common.
Maybe they already plan to sell. Reinstating was just to give them time.
Or, maybe they don’t want to sell. You don’t know until you ask.
Quote from @Jeff Copeland:
Quote from @Chris Seveney:
@Jeff Copeland
If they reinstated why would they want to sell their home? The whole purpose of reinstating is to keep their home
I have no idea. I was just answering the original poster's question.
But, to be fair, just because someone reinstated their mortgage after a looming foreclosure doesn't mean they'll never want to sell the property. It could be worth staying in touch.
@John Slater
I think that is a good plan to go and knock on their door.
We did a bunch of investigating and found that they were foreclosed on in 2012 on a different property, claimed bankruptcy in 2019, and the husband got a DUI and lost his job in early 2021. So we are assuming their financial troubles are not magically fixed. In order to reinstate the loan the would have had to pay 2-3 years of payments plus the back taxes which for that property was probably north of $50,000. I think you are most likely spot on that they took out a personal loan to get current with the lender.
Quote from @Robert Thigpen:
Quote from @Jeff Copeland:
Quote from @Chris Seveney:
@Jeff Copeland
If they reinstated why would they want to sell their home? The whole purpose of reinstating is to keep their home
I have no idea. I was just answering the original poster's question.
But, to be fair, just because someone reinstated their mortgage after a looming foreclosure doesn't mean they'll never want to sell the property. It could be worth staying in touch.
@John Slater
I think that is a good plan to go and knock on their door.
We did a bunch of investigating and found that they were foreclosed on in 2012 on a different property, claimed bankruptcy in 2019, and the husband got a DUI and lost his job in early 2021. So we are assuming their financial troubles are not magically fixed. In order to reinstate the loan the would have had to pay 2-3 years of payments plus the back taxes which for that property was probably north of $50,000. I think you are most likely spot on that they took out a personal loan to get current with the lender.
I'm curious Robert why you're so aggressively pursuing this property? Do you want to buy it to live in? As others have pointed out, the seller reinstated their loan. They are no longer in distress and have a lot of options now IF they do want to sell.
Quote from @Marty Boardman:Yes, we were looking to make that our own residence.
Quote from @Robert Thigpen:
Quote from @Jeff Copeland:
Quote from @Chris Seveney:
@Jeff Copeland
If they reinstated why would they want to sell their home? The whole purpose of reinstating is to keep their home
I have no idea. I was just answering the original poster's question.
But, to be fair, just because someone reinstated their mortgage after a looming foreclosure doesn't mean they'll never want to sell the property. It could be worth staying in touch.
@John Slater
I think that is a good plan to go and knock on their door.
We did a bunch of investigating and found that they were foreclosed on in 2012 on a different property, claimed bankruptcy in 2019, and the husband got a DUI and lost his job in early 2021. So we are assuming their financial troubles are not magically fixed. In order to reinstate the loan the would have had to pay 2-3 years of payments plus the back taxes which for that property was probably north of $50,000. I think you are most likely spot on that they took out a personal loan to get current with the lender.
I'm curious Robert why you're so aggressively pursuing this property? Do you want to buy it to live in? As others have pointed out, the seller reinstated their loan. They are no longer in distress and have a lot of options now IF they do want to sell.