I know a homeowner whom would like to do a short sale with me but unfortunately she has an auction date set on May 17, 2019...is it possible to cancel/postpone the auction date? Despite her filing bankruptcy 3x already? Also, how do I file bankruptcy and create a “letter of cause” just for reference in the near future.
@Mike Larry I think at this point if you dont have the money to pay off the property or the money to bring the loan current you are going to have to walk away. Seller needs to get an agent if they want to do a short sale and bank has to approve going forward with a short sale which at this late date is probably going to be a no.
It's great theory but not probable. You can't get anything postponed or cancelled. Borrower can go ahead and file a 4th BK but, that does not mean they will have automatic stay. Even if borrower was somehow successful in getting it postponed, they just blew up your idea because once filed, the property belongs to the bankruptcy court and you have no say so, or claim and nothing you want to do (or the borrower for that matter) is relevant any longer. On the outside chance the lender agrees to consider a short sale, it gets listed on the open market, with an agent, for all to see/bid/buy, effectively removing you from the transaction.