Hi all,
I have an interesting situation here and was wondering if I can get some free guidance from this forum. The night before leaving for vacation (Dom. Rep.), I talked with an owner in late pre-foreclosure in NJ (7 days left now). I offered my assistance to delay the foreclosure process but as timing has it there is only so much you can do when you are thousand miles away although I did write a letter for her to use when going to court tomorrow before the judge. The letter basically states that I am interested in buying the property. The owner sounds like she is just ready to move on from this house and will accept any deal.
I am assuming that tomorrow will be a fruitless trip for her and am now looking at acquiring this property during the redemption period which I understand from previous replies is 10 days here in NJ. I have some questions:
- Is there anything that I can do right now from here to help me acquire this house or move towards doing so quicker during the redemption period (i.e. title search)?
- Will I only have to satisfy the original full judgement amount during the 10 day redemption period?
- Should I take the plunge into taking this sub 2 although the lender will certainly know that the title will have been changed if the property was redeemed?
All, thanks in advance for your input/advice. I should really go and enjoy my vacation now but…
Ed