Re: Stopping Foreclousure Sale

Posted by JCK on February 19, 2006 at 11:39:57:

In Reply to: Re: Stopping Foreclousure Sale posted by Irwin on February 19, 2006 at 06:08:46:

: Since you mention going to a judge, I'll presume that you are in a judicial foreclosure state, where a lawsuit has resulted in a judgment ordering the sheriff to sell the property. In such case, the answers to your three well-put questions are: No, Yes and Yes. A lot of time and expense goes into setting a judicial sheriff sale. Likewise, postponing them incurs more delay, legal expense and costs. Thus, banks usually won't agree to extend them voluntarily, unless you or your attorney can convince them that your sale is a) genuine b) absolutely guaranteed close quickly, which will pay them off in full. The judge (assuming your lawyer has to file a formal motion for a stay with the Court) would also have to hear that kind of evidence before ordering the sale postponed. I won't go into the question of filing bankruptcy to stop the sale.

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: : 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.

This is in Illinois which is a Judicial State.Wanted to see what options I can try if needed be.

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Comments:
: : Since you mention going to a judge, I'll presume that you are in a judicial foreclosure state, where a lawsuit has resulted in a judgment ordering the sheriff to sell the property.  In such case, the answers to your three well-put questions are:  No, Yes and Yes. A lot of time and expense goes into setting a judicial sheriff sale. Likewise, postponing them incurs more delay, legal expense and costs. Thus,  banks usually won't agree to extend them voluntarily, unless you or your attorney can convince them that your sale is a) genuine b) absolutely guaranteed close quickly, which will pay them off in full. The judge (assuming your lawyer has to file a formal motion for a stay with the Court) would also have to hear that kind of evidence before ordering the sale postponed. I won't go into the question of filing bankruptcy to stop the sale. 

: : 
: : : 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.

: This is in Illinois which is a Judicial State.Wanted to see what options I can try if needed be.


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