Updated about 2 years ago on . Most recent reply
Request for extension of foreclosure auction date
My client's auction date is in 5 days. I want to request an extension to the lender. Is there a form to fill out? If not, does anyone know the verbiage the letter must contain? Thank you!
Most Popular Reply
@Joseph Hernandez
I assume you are their real estate agent?
The bank will only deal with the borrower of record unless the borrower sends a letter to the bank authorizing you to speak on their behalf
If the auction is 5 days out the lender is not going to to cancel the foreclosure unless the borrower comes up with a substantial down payment - this is a common issue we see is the process gets to the finish line and borrowers think now is the time to negotiate - waiting is the worst thing a borrower can do because the lender has spent the legal costs and is now 5 days away from getting paid off or control of property - there is no longer any incentive
The only other option at this point is to file bankruptcy. That’s the only way you are gonna stop the foreclosure
- Chris Seveney
