Re: Some good foreclosure news

Posted by OC Andy on September 27, 2007 at 14:05:20:

In Reply to: Some good foreclosure news posted by steele in minnesota on September 24, 2007 at 13:49:05:

Sorry Steele, I kind of hijacked your thread here...

I had a question come up the other day...

Here is the case...
The borrower bought last year with an 80/20, started defaulting on the payments and the property went to auction - no buyers so it reverted to the foreclosing lender.

The buyer now wants to list the home with a realtor as a short sale and sell to a relative.

My questions are:
1. Even though this case would apparently not be an "arms-length" transaction, have you ever heard of a case where this had been done?

2. Is a short sale in a Judicial foreclosure state post-auction even possible? The Judicial states that I invest in limit the former owners ROR period to either the confirmation of sale date or none at all.

In CA there is no post sale ROR under a Non-Judicial foreclosure.

Andy

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