have a military family in south carolina who were in a lease purchase for a house and have been paying on time and living in property for 2 years. The owner was just foreclosed on and property going to auction this week. The couple wish to buy the property and are approved to do so..they have been getting stone walled by banks attorney to have done a short sale. What options do they have to still get property or get sale delayed in order to have funds for the anticipated bid? Also what dictates upset bidding process so they can still bid on property for up to 30 days after sale, is this something they request from judge at auction? Any inputs appreciated.
The owner of Record is being foreclosed on, or party you are leasing from has not been using your lease payments to keep his mortgage up to date. The only proven delay of the auction is a bankruptcy filing by the owner of Record. This will give time in getting reinstatement cost and Attorney fees. Get owner to let you pay that in his behalf for a Quit Claim on the property and resume the Notes as third parties.
You can't out bid the Bank, if any equity is in the property they will win the Bid for sure.