I spent all of 2009 assisting people who were underwater or were about to enter the foreclosure process. I can bring you a buyer for your home but at this point it will depend on what happens tomorrow at the auction. In fact I can sell your house in 14 days if you can get the bank to allow you time to close. Most likely though, you want to keep your home or buy some time to figure out how to come up with the deficiency money.
If this is a courthouse-steps auction, you have a right to attend and you should. I can attend for you if you are in San Francisco but what you really want to know is who is present at the auction. I 've literally been to hundreds of these auctions and Iâ€™d say a handful of them had more than 6 people present. I can guarantee you that the banks representative will be there to make sure they get what they want for the home. There are few people that attend these auctions because trustee sales/auctions can be tricky and require a percentage of cash to purchase. This severely limits the competition. Most likely investors that invest in these types of foreclosures have been watching your home for some time and have been waiting for an opportunity to purchase at a low cost. The bank is there to make sure that the investor doesnâ€™t completely lowball and offer something the bank is not willing to swallow
What almost always happens at these auctions is that nobody is there but the bank and they almost always take the property back and sell it through their own foreclosure channelsâ€¦You can try and negotiate with the bank tonight to sell the home at an agreed upon rate or you can negotiate with a third party to come up with the deficiency money (hard money loan or private loan backed by the security of the note).
Bottom Lineâ€¦if the auction is tomorrow and hasnâ€™t been postponedâ€¦you may be screwed . The battle may be lost but you can win the warâ€¦. I can help by offering more information or work with you to try and rescue your position or point you to somebody who canâ€¦.
Iâ€™m updating my website, but you can email me at email@example.com if you want more informationâ€¦..I donâ€™t have all the answersâ€¦but I often tell it with no filter.
Seriously in either caseâ€¦best of luckâ€¦you're in a difficult situation.
A more sensible approach to "buy time" may be to seek the bankruptcy option, but you'll have to get the facts about that from an attorney that specializes in that field, and sooner rather than later.