Pre Foreclosure

[tanner]

I've looked through past threads and could not find the answer to the following question:

Once a property is 'posted' at the courthouse (now 20 days remain until it is auctioned at the county courthouse) , is it still considered to be a pre-foreclosure proprety, i.e. can you still purchase the property from the mortgagor for cash or sub 2?  

Thanks in advance, -T

[tedjr]

Preforeclosures are exciting and fustrating at the same time. The rush is on to get a deal and the lenders, attorneys and trustees are slow to respond taking days to get payoffs and reinstatement figures. I like the old days wher they sais hold for a minute and came right back with the info and did not ask who you were. To answer you question you can buy up until the day of sale provided you have the figures and money to reinstate or pay of the loan. You can do sub2 too. I have met the trustee at the court house with a check and reinstatement agreement the day of the sale on several occasions. You need to be in constant communition with all parties to pull that off however. Hope i have helped a bit.

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

[tanner]

Ted,

This did help.  Thanks. -T

[dgpioneer]

Still no answer to this question.



Once the bank rejects any payments to pay for arrears and cure the loan, then your "pre-foreclosure" status has expired.

You need to check with the bank.






david garcia