Re: Stopping Foreclousure Sale

Posted by steele in minnesota on February 18, 2006 at 20:31:14:

In Reply to: Stopping Foreclousure Sale posted by JCK on February 18, 2006 at 11:31:10:

: How do go about stopping a auction if you come to terms and the sale date is on Mon Feb 27th.Can the homeowner go to the courthouse with a signed sale contract and get the Judge to extend the date for 30 days to get financing approved? Do you need your Lawyer to do this? And can the bank foreclosing say no? Thanks for input.
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First we need to know what state you are in and what type of foreclosure. In Minnesota where I practice it is fairly easy to get a 30 day extention on the Sheriff Sale (nonjudical foreclosure). Especially if you can show a sale in process. And the lender typically will not be any kind of detriment. Remember that they don't want the house back.

That might be your first contact on Tuesday (Monday if they aren't closed for the Holiday). Call the lender and explain what is happening.

Steele V. Propp
Foreclosure Specialist
REO Division
Schatz Group GMAC Real Estate
Minneapolis, MN

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Comments:
: : How do go about stopping a auction if you come to terms and the sale date is on Mon Feb 27th.Can the homeowner go to the courthouse with a signed sale contract and get the Judge to extend the date for 30 days to get financing approved? Do you need your Lawyer to do this? And can the bank foreclosing say no? Thanks for input.
: ***************************

: First we need to know what state you are in and what type of foreclosure.  In Minnesota where I practice it is fairly easy to get a 30 day extention on the Sheriff Sale (nonjudical foreclosure).  Especially if you can show a sale in process.  And the lender typically will not be any kind of detriment.  Remember that they don't want the house back.

: That might be your first contact on Tuesday (Monday if they aren't closed for the Holiday).  Call the lender and explain what is happening.

: Steele V. Propp
: Foreclosure Specialist
: REO Division
: Schatz Group GMAC Real Estate
: Minneapolis, MN


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