owner finance foreclosure

Posted by Amanda Hancock on October 21, 2002 at 19:19:19:

My friend has a home that he was owner financing to someone. She hasn't paid in 4 months and he is going to foreclose on her. She is not contesting it or anything. I actually have 2 questions: 1st - how long does a foreclosure usually take before it's final? and 2nd - While living there, the lady got a home improvement loan and did repairs on the home. She is now in default on that loan as well and that company will actually have a 2nd lien on the house with the owner having the first. If the owner finances the home to me after the foreclosure, can I pay off her home improvement loan to clear all liens?

Follow Ups:

• Re: owner finance foreclosure - Jim V 02:52:29 10/23/02 (1)
  • Re: owner finance foreclosure - Amanda Hancock 19:51:04 10/23/02 (0)

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Comments:
: My friend has a home that he was owner financing to someone.  She hasn't paid in 4 months and he is going to foreclose on her.  She is not contesting it or anything.  I actually have 2 questions: 1st - how long does a foreclosure usually take before it's final? and 2nd - While living there, the lady got a home improvement loan and did repairs on the home.  She is now in default on that loan as well and that company will actually have a 2nd lien on the house with the owner having the first.  If the owner finances the home to me after the foreclosure, can I pay off her home improvement loan to clear all liens?


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