Lat minute offers to delay Foreclosures a thing of the past?
June 24, 2010 by avoidforeclosureteam
Filed under Foreclosure Process
Beware to Home Owner close to a Foreclsoure!
In the past, if a client was close, by close we mean a few weeks, we could typically market this property aggressively, hopefully receive an offer for submission to the lender and stall the forclosure. In some cases just days prior to the foreclosure date.
The other day we took a listing on a very clean house and when we looked up the records, we found the Notice of Default was filed some time back. When calling the bank we were informed the foreclosure date was in 15 days. In the past, this wouldn’t of been a huge concern, particularly on a clean property that we had already had a lot of interest on. We were informed that that there are new state laws varrying by each state effecting the amount of time an offer can be submitted in order to postpone the short sale. We were told by this lender the time period in California is two weeks prior to the slated foreclosure date. In this pariticular case, we have to receive a bonified offer in one day in order to postpone.
The bottom line is if a homeowner has received a notice of default, they better take charge of the matter immediately.
