There are other factors here. Most banks will not postpone a trustee sale unless you pay the outstanding balance or are in a workout with them doing either a loan modification or a short sale.
The question is what have you tried?
I think more details need to be known.
What have you tried so far to save the property? This would be good to know so that the proper course of action can now be taken.
With the foreclosure sale date only a week away, the options become limited with a short sale being the best at this point if the lender will postpone the trustee sale at this late date.
You should also consult an attorney to see what other options you might have.
The most important thing is to do something NOW since time is definitely not on you side.
Give me a call if you can use my help and discuss what you want to do. Good Luck!
Frank J. Verni
Broker / Realtor
DRE # 01390255
Experienced Broker/Agent helping Sellers and Buyers
To Reach their Financial Goals â€“ I Know What To Do!!
Please let me know if you have any questions.
BRE # 01892399
Realtor (RE/MAX ACTIVE REALTY)
Short Sale and Foreclossure Resource
4056 Decoto Road Fremont,
510 676 4770 (CELL)
510 505 1666 (FAX)
There are a few agents with law degrees on Trulia but they don't generally dispense free legal advice. And other agents can't help you because they're not allowed to give you free legal advice. Have you tried searching on About.com?
A trustee sale on you rental property means that you haven't paid your mortgage in at least 6 months and most likely longer. What do you want to do with the property? At this time, I would suggest a short sale rather than allowing a foreclosure. it is more responsible to resolve this situation than a foreclosure.
First and foremost, a foreclosure hurts you the worst, but also the neighborhood and all of us taxpayers who are subsidizing the losses. While there are lots of other reasons, the main one that I hear from people is the loss of control in when the transfer of ownership happens. The Trustee HAS THE RIGHT to foreclose on the date they specify. They may not exercise that right and until they do, then the home is your responsibility and your liability....according to the county, anyone getting injured on the property, and any outstanding liens. Those are all extra risks.
Please explain what options you are considering and we can answer your question more specifically.