A house I was looking at “for sale” just showed up in the papers forclosures list. I would like to call and talk with the buyer and/or mortgage company. House is going to be auctioned off a week from tomorrow. Is it to late to stop the forclosure at this point? If not, what is my next move? I am looking at buying this house for my family to live in. I would need to get a FHA loan.
Thanks,
Richard
It will depend on the lender. If the seller can take a solid contract to their lender they may post-pone the sale so you can close. It never hurts to contact the homeowner and get the details from them.
My business partner made a deal this way. He got ahold of the homeowner and were able to work out a deal with the lender. I have not been so lucky, seems a lot of lenders have this belief they can still make a killing at auction or by selling later.