We are looking at a house in preforeclosure that is scheduled for the foreclosure sale next week. Is it too late to stop the foreclosure if we submit an offer now?
Hi,
Preforeclosure is the time period between the first missed payment and normally 90 days later when a "Notice of Default" is filed!
From the point a “Notice of Default” is filed to the point of the day of the foreclosure sale is the period known as “Being in Foreclosure” or “In Foreclosure”!
From the day of the “Foreclosure Sale” and a buy back from the bank or lender to the day the property is sold to an “End User” or “Investor” is considered an “REO” or “Real Estate Owned Property” which is owned by the original lender.
Normally if your within 10 days of the “Foreclosure Sale” it would not be stopped but you can try to present a contract if you can get a hold of someone at the lenders offices.
Good luck,
GR
Thank you for the explanation and the information. The county records state the sale is scheduled for Wednesday of next week. It sounds improbable at this point, but we’ll try since it has been rescheduled in the past.
If you live in a judicial state the homeowner will have the right to post pone the sale (In NJ it is for a month) You have them call the sheriff and they will either require a mailed letter or for the homeowner to go to the sheriffs office and file an extension. It costs about $25