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nonymous
Premium
join:2003-09-08
Glendale, AZ
reply to pike

Re: Help - where to fax to stop foreclosure "sale"

said by pike:

That horse has left the barn. The time to contact the court was when they ordered your friend to appear. Ignoring the court order generally results in a default judgement. This means the case is now closed. Thus the auction.

This part is also not a good thing.


hortnut
Huh?

join:2005-09-25
PNW
kudos:1
Reviews:
·Comcast
reply to Jack_in_VA
Maybe its Cash Flow, or the Friend is awaiting an inheritance or some other such pie in the sky. Maybe some rich relative will lend money after Bankruptcy, it happens.

Personally, I lent money to a Friend on a Promissory Note, who had a very good and secure job, after he completed his Bankruptcy. I earned a good Interest Rate and was paid in Full, eventually. Though had to give him a kick in the butt once, that I was going to turn him over to Collections and I would have. I had an Agency I worked with when I had my Business and they would have taken it.

Relatives with Businesses that filed 11/13 were able to get financing after filing to keep the business afloat and restructure and emerge from Bankruptcy.

People do strange things in Foreclosures and Bankruptcies. I have gone with Friends/Family to some of the Trustee's Hearing and heard all kinds of crap from those before us.

Anyway, since we have heard little back from the OP, this thread is more of speculation and an exercise. Although, doubt the Friend has the kind of sophistication mentioned above.

OP asked some questions and I gave some resources.


alkizmo

join:2007-06-25
Pierrefonds, QC
kudos:1
reply to inGearX
Tell him to get a lawyer.
Even if he finds where to send the bankruptcy notice, he may have made a mistake in the paper work, making it invalid, and fail to meet the deadline.


stevek1949
We're not in Kansas anymore
Premium
join:2002-11-13
Virginia Beach, VA
reply to Draiman
said by Draiman:

Tell him to go to the sale on Monday and buy his own place back.

"buying it back" means that it went to forclosure. He will still have that on his credit report. The requirements for a sale is usually 10 to 20% down, and the rest within 15 days. If he doesn't have the money to pay monthly, where is he going to get the money to buy it back?

bmilone2

join:2001-01-26
Mays Landing, NJ
reply to inGearX
Regardless if the poster is able to somehow pull a rabbit out of his hat, one of the stipulations of both a Chapter 7 and 13 is that the person must keep current in the post petition expenses. If they do not the creditor only needs to petition the court regarding violation of the debtors non compliance and the bankruptsy will be dismissed by the bankruptsy court.

So unless the debtor has the ability to maintain the post petition payments their stay will be very short lived.


Draiman
Let me see those devil horns in the sky

join:2012-06-01
Kill Devil Hills, NC
Reviews:
·Verizon FiOS
reply to stevek1949
said by stevek1949:

said by Draiman:

Tell him to go to the sale on Monday and buy his own place back.

"buying it back" means that it went to forclosure. He will still have that on his credit report. The requirements for a sale is usually 10 to 20% down, and the rest within 15 days. If he doesn't have the money to pay monthly, where is he going to get the money to buy it back?

Actually the foreclosure won't be on his credit yet just a few delinquencies. I'm glad you get the point of the comment. He's SCREWED!
--
IF YOU FIND ANY MISTAKES IN MY WORK...Please consider that they are there for a purpose. I try to please everyone and there is always someone looking for mistakes!


alkizmo

join:2007-06-25
Pierrefonds, QC
kudos:1
said by Draiman:

Actually the foreclosure won't be on his credit yet just a few delinquencies. I'm glad you get the point of the comment. He's SCREWED!

It will still show a lot of late payments, and that he has a mortgage already. There's no way in hell he'd get financing for purchasing a property he already owns.


Draiman
Let me see those devil horns in the sky

join:2012-06-01
Kill Devil Hills, NC
Reviews:
·Verizon FiOS
said by alkizmo:

said by Draiman:

Actually the foreclosure won't be on his credit yet just a few delinquencies. I'm glad you get the point of the comment. He's SCREWED!

It will still show a lot of late payments, and that he has a mortgage already. There's no way in hell he'd get financing for purchasing a property he already owns.

Too many variables to call one way or another. Just an example. If the auction fails once or twice and the original owner cleans up his credit some it's possible they could bid on their own house that is now bank owned at an auction and win it. It's happened before so I know it's possible.
--
IF YOU FIND ANY MISTAKES IN MY WORK...Please consider that they are there for a purpose. I try to please everyone and there is always someone looking for mistakes!

bmilone2

join:2001-01-26
Mays Landing, NJ
Even if he could come up with the funds to outbid everyone at the Sheriff's sale (which if he cant make the payments now I doubt) he is still responsible to the lender for the difference between the mortgage principle and the amount actually paid at the sale.

In many cases it is better to either see if the lender will accept a deed in lieu or let the Sheriff Sale proceed and work on maintaining his other debts current rather then declare bankruptcy.