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

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

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?


Draiman
Let me see those devil horns in the sky

join:2012-06-01
Kill Devil Hills, NC
Reviews:
·Verizon FiOS
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.