I need help with a client problem, ASAP

Foreclosures, Short Sales, Tax Foreclosures
1

Greetings,

I just talked to a client that has a foreclosure auction set for Thurday at 10:00! He has been strung along and misled by a company for weeks that took $1,200 of his money and has left him high and almost out on the street. He is disabled and needs help fast.

This company has told him a couple of different things thru various people, including that they could do something for him. They told him that he needed to come up with $4,500 to stop the foreclosure and he has it, but now they will not help him at the last minute!

I don’t know exactly what to do. Is there anyway to postpone the auction instead of taking his house from him. He is disabled from work and workmans comp. has been behind on his checks for some reason.

Can anyone help with some advice? Should he get a lawyer ?

Thanks for any help!

2

I’m very new to this… from what I read * not 100% sure *,
I hear that your client can contact the bank and tell them that he can pay all the late payment and penaty in full to stop the foreclosure? I think $4500 should be enough to do that unless he owe a huge amount. he can try :slight_smile:

Good luck.
Vince

3

The questions you are asking are comon sense …They are taking my house should I get a lawyer? I have the $4500 should I giv it to a scam artist or hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm PAY MY MORTGAGE?

4

You haven’t provided enough information for me to suggest possible options, however I do know that mortgage companies can postpone a sheriff sale for as little as $75 in some states. I’ve been able to pospone a sale with as little as a purchase agreement, net sheet and proof of funds. If there are real options for this individual, then I would push for a postponement of the sheriff sale.

Maybe a forbearance agreement could be negotiated. ???

  • Short Sale Mike
5

hi Mike
When you says proof of funds, are you showing the bank cash or money in the bank ?

Would bank wait for buyer to get a loan ? If not, usually how many days after the short sale is approved does the bank for his money ?

6
just talked to a client that has a foreclosure auction set for Thurday at 10:00! He has been strung along and misled by a company for weeks that took $1,200 of his money and has left him high and almost out on the street. He is disabled and needs help fast.

This company has told him a couple of different things thru various people, including that they could do something for him. They told him that he needed to come up with $4,500 to stop the foreclosure and he has it, but now they will not help him at the last minute!

I don’t know exactly what to do. Is there anyway to postpone the auction instead of taking his house from him. He is disabled from work and workmans comp. has been behind on his checks for some reason.

Can anyone help with some advice? Should he get a lawyer ?

He cant get a lawyer because he cant afford one.

  1. Get an authorization to release information and talk to the bank. Let them know their is somebody out there interested in helping the HO.
  2. talking to my mentor, he states it is pretty easy to get the bank to stop the auction.
  3. I take it that you are a noob like I am, but I am working on my first ss. :slight_smile:
    steve