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93442 : Real Estate Advice

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  • Home Buying2
  • Home Selling1
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Activity 3
Wed Sep 7, 2016
95wingman asked:
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This question was asked from this property: http://www.trulia.com/foreclosure/3241405173-2601-Maple-Ave-Morro-Bay-CA-93442
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Thu Aug 14, 2014
Janne Reddell answered:
The lender may ask you to sign an agreement that states such a sale would not be allowed. Just have your agent call them or write them and disclose the relationship. Then it is the lender's choice as to whether to allow the sale or not. First lien holders are usually more tolerant than second lien holders. If the lender says it is okay, make sure you get it in writing. Your other choice is to get an attorney that specializes in foreclosure defense. They can get the lender's attention. Best of luck ... more
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Wed Feb 2, 2011
James Gordon ABR SFR SRS answered:
Billy if the property has just entered forclosure don't worry yet. The forclosure process is not quick and BOA can put a hold on it at any time. They need to get this started because what happens if you do not purchase the property. They may have held off on filing forclosure for 4-5 months and now are deeper in the hole. I have had properties pulled from sheriff sale to give us more time to complete a short sale but the lender would be ignoring their duty if they did not get the action started. ... more
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