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Updated almost 11 years ago on . Most recent reply
Can I buy a House that is going to foreclosure 1 day before the auction?
Hi I want to know if is posible to buy a house that is going to foreclosure tomorrow September 2.. directly from the owner... I intended to payoff the mortgage but the bank says is to late... The owner want to make the sale.. but I don't know if we can stop the auction doing this... PLEASE RESPOND ASAP...
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#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
I have given certified funds and accepted fund minutes before sale. You need to get off the computer if you're serious and have cash and contract right now and get a hold of the trustee. I suggest you call your attorney and file a notice of sale this afternoon, not the day of the sale. If the mortgage and all costs are paid and any equity goes to the owner the bank/lender and trustee must accept it. There are liabilities involved for any lender who proceeds in foreclosure when they can be paid off within a short period of time.
You don't have time to waste trying to get opinions on whether it can be done or not, it can be, but you have to the close of business, maybe longer if you notify the trustee now. Show the money! If you can't show the money, show up at auction or forget it. :)