Updated over 9 years ago on . Most recent reply
Law Day and underwater foreclosure
I'm looking at a property in foreclosure, or pre-foreclosure. The "law day" is set for January 31. (I'm in CT.) The property is upside down with the debt exceeding the FMV by about $48k. It will need somewhere in the area of $25-$30k in repairs. Debt of $138K. Recent appraisal of $90k, before repairs. (The appraisal was a "drive by.")
It seems that, with my limited knowledge of tax laws and the foreclosure process, that waiting until after the law day would be the best route. I have put in a few calls to the attorney's office handling the case but, to my surprise, haven't heard back yet.
Does anyone have experience with this? Is my assumption correct? Do I really push it to get in before the deadline or relax and wait until after?