Updated over 1 year ago on . Most recent reply
Trustee/Lendor Delaying Closing (MD foreclosure)
- I purchased a foreclosure property in Maryland
- in MD, the court has to ratify the sale... and this can take at least 30 days
- the trustee mandated that we close no later than 15 days post ratification
- I was ready, willing, and able to close per the date they specified
- we decided to push out the closing a few days due to inclement weather
- several weeks have now passed since ratification and they've continually delayed the closing
- I'm on the hook for interest from the day I win at the auction until the day I close!
Indeed, I can consult with an attorney for "official" advice, but I'm curious if anyone else encountered such an issue.
If it was my fault for missing the date, there would have been consequences (e.g., keep my down payment and exit deal)
What consequence can they face for this delay? The interest is pilling up.
Most Popular Reply
HI Kareem,
Are you in a hard money loan to purchase this property? What is the expiration date and default rate would be? We might be able to have a look and see if we could see the current situation and perhaps refinance out to conventional or DSCR which is typically lower than hard money