Who has the ability to delay the foreclosure process to allow for negotiations when the sale is very close when there is a first and a second? In this case the 2nd is being shorted and I am going to catch up the arears for the first as soon as the 2nd accepts.
Are the 1st & 2nd with the same lender? In any event, you need a signed Authorization to Release Form so you can speak with the Loss Mitigation Department about the seller’s account. They should be the one’s able to postpone the foreclosure date.
The auction is scheduled for February 5th, so time is of the essence.
No the first and second are with different lenders. After I get the letter of authorization I am going to call the bank and make a verbal offer. What im worried about is if they counter the second and time runs out.
I wasnt planning on telling the first mortgage about the shorting of the second, I am just going to catch up the arears.
My question is does the second mortgage holder have the authority to hold off a forclosure for negotiations, even if their the only ones benefiting from the delay, or would I also have to contact the first mortgage and tell them I am going to catch the payments up and they should hold off?
Thanks!
anyone?