@Mike Schorah, if you are doing Subject-To on a house in that situation you will need to immediately bring that loan current which could mean making a pretty substantial payment!
The payment amount escalates quickly because in addition to the delinquent monthly payments, the costs associated with the foreclosure process including the lender's legal costs get tacked on as well. So, the amount needed to bring the account current and get out of the foreclosure can be a good chunk.
However, I don't see how or why a lender would want to foreclosure if the loan was brought current. The issue could be timing in making this happen with time for the lender to notify the office handling the foreclosure auction. I would want to make sure this got done at least a week early to be certain it gets done.
If you weren't buying Subject-To, you can buy the house and pay off that lender any time up until the auction. I purchased one earlier this year in cash about 7 days before the foreclosure auction.
@Mike Schorah, if you are doing Subject-To on a house in that situation you will need to immediately bring that loan current which could mean making a pretty substantial payment!
The payment amount escalates quickly because in addition to the delinquent monthly payments, the costs associated with the foreclosure process including the lender's legal costs get tacked on as well. So, the amount needed to bring the account current and get out of the foreclosure can be a good chunk.
However, I don't see how or why a lender would want to foreclosure if the loan was brought current. The issue could be timing in making this happen with time for the lender to notify the office handling the foreclosure auction. I would want to make sure this got done at least a week early to be certain it gets done.
If you weren't buying Subject-To, you can buy the house and pay off that lender any time up until the auction. I purchased one earlier this year in cash about 7 days before the foreclosure auction.
Pace Morby does subject to’s on pre-foreclosures the day before auction.
Isn’t it nearly impossible to get the bank to stop the auction the day before foreclosure let alone when it’s scheduled for auction?
Ask him for the address of the property he did that with and I can tell you how he did it by looking at the records. You may have misunderstood him or he may have left some very important details out.
And, it's highly likely it isn't a house you'd want to live in or one the bank would want to be stuck with. ;-)