DraimanLet me see those devil horns in the skyReviews:
Kill Devil Hills, NC
|reply to alkizmo |
Re: Help - where to fax to stop foreclosure "sale"
said by alkizmo: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. 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.
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!
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.