OfflineI have someone near Madison, Wi that asked me a question. He is behind on payments and went into foreclosure with Fannie Mae.
He has a second mortgage also on this place.
On 12/6/10 he was given 90 days to sell it himself and they would drop the atty fees. He was advised from these "free clinic" attys that if he doesn't sign that paper, they can't give him the 90 days. So he refused to sign it. He went to court for the 2nd mortgage last week and told the judge he is trying to sell the house and the judge said they would give him time to sell till May and pay off that second mortgage.
So now he thinks he has till May 15th to sell his place, then says he will then say he needs more time. I said that won't work and think the 90 days still started on 12/6/10.
He then rented out his house and told these tenants that he would not close on the house till spring, so they moved in and give him $600 a month. He uses that to pay for another place to stay. Now the tenants tore down his sign for sale, and they are now arguing. They don't want to show it and said he said the house wouldn't be sold for a while.
He asked me if what Fannie Mae would do come May 15th, wouldn't they give him 90 days from then, if he never signed that paper.
I think he will be out. I suggested a short sale, but he says no.
Anyone know, what kind of time does he have.
Sandi
Can you delay the 90 day notice?
Posted on: Mon, 02/28/2011 - 16:00
Can you delay the 90 day notice?
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The information seemed a little jumpy but it looks as though the owner of the property has postponed the foreclosure already...maybe twice? Your state if I remember correctly deals in mortgages and is a judicial foreclosure state. This means that the judge can choose to allow the foreclosure. The problem is that the banks has the right according to the mortgage to finish the foreclosure in their due time. The judge has given their timeline and may not be willing to give another stay of foreclosure.
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where do you find all these unusual people?? LOL
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Bill, don't know, but I even avoided his call a few times, because I am seeing he has kind of a "sneaky" way about him, and don't trust everything he told me.
I think I will tell him to call a Realtor and wish him luck!
Get this feeling he hasn't been up front with his tenants either.
But I do appreciate the posts on this, and I am going to really tell him to list with an agent. He refuses to do a short sale. I told him to call the bank and ask exactly what he needs to get caught up and legal fees, and if paid would that stop the foreclosure, then maybe he could do a L/O. But he has reasons for not doing that too. Really need to convince him to call an agent and not me.
My old house property really gets better all the time, and the owners took the contract to their financial adviser last night to go over it. So will know today how that is going. But this place has so many positives about it. Even thought of getting several people together and do something with it.
And also yesterday had a man call me about a home he has for sale, but doesn't have enough equity. However, he is looking for something around Columbus, Ohio and said he needs to sell this one, then will let me find something in Ohio. He also is coming to the next REI meeting with me.
Sandi