| "> | | | | negotiating a short sale, this may get the bank to |
| Not all short sales give you plenty of time to | | | | grant you an extra 30 days before filing for a |
| carry out the deal. In fact you may have to hurry | | | | foreclosure. |
| to try and delay sheriff sale auctions to give you | | | | However, the bank may be so fed up with the |
| more time to complete the short sale deal. This is | | | | homeowners that they refuse to delay sheriff |
| a really difficult thing to do. Even professional real | | | | sales unless the payments are caught up on the |
| estate investors find that attempts at delaying | | | | mortgage. Some real estate investors do catch |
| the sheriff's sale are frustrating. So, there are no | | | | up the past due payments in order to get the |
| guarantees you'll succeed. | | | | bank to cancel the foreclosure, but if you aren't |
| Whether or not you are able to delay Sheriff | | | | willing to do this then you've got a problem. |
| sales and foreclosure auctions depends on how | | | | You may be able to get the attorney, bank's |
| well the homeowners have communicated with | | | | trustee or the title company dealing with the |
| the bank before you came along. You may have | | | | foreclosure to call the bank and request an |
| a problem in getting the bank to delay the | | | | extension for themselves. Of course, this isn't a |
| foreclosure sale, if the homeowner just stuck | | | | guarantee and they'll need a good enough reason |
| their head in the sand concerning their late | | | | from you to go out of their way in making the |
| payments. | | | | request. |
| You probably won't be working with many of | | | | Getting a Foreclosure Extension in Writing |
| these types of homeowners, as they have | | | | The property may still end up in the sheriff's sale |
| waited until it's too late for you to do much good | | | | even when you get the bank to get a delay |
| in stopping their foreclosure and getting the bank | | | | sheriff sale. This can happen when the bank |
| to accept a short sale. | | | | officer fails to get into contact with the trustee |
| However, you'll still find plenty of homeowners | | | | handling that particular foreclosure to tell them |
| who have been working hard to keep in contact | | | | about the delay. |
| with the bank's loss mitigation officers before | | | | Ask the bank officer for the fax number of the |
| they were forced to file for foreclosure. This | | | | attorney that is handling the mortgage |
| makes it easier for you to request that the bank | | | | foreclosure. Get the bank to send you a signed |
| delay in filing for a foreclosure or delaying the | | | | written agreement for a foreclosure extension. |
| sheriff's sale date as these homeowners stayed | | | | Send a copy of that foreclosure extension to the |
| in contact with their bank and kept lines of | | | | bank's trustee or attorney. Finally, call that |
| communication open. | | | | attorney to make sure they've gotten the |
| How to Stop a Foreclosure Sale and Delay Sheriff | | | | extension notice and you'll be able to relax just a |
| Sales | | | | little bit about the short sale auction. |
| The fastest way to delay a foreclosure in short | | | | Nothing is quite certain until money changes hands |
| sale investing is by contacting the bank in charge | | | | in business, especially in short sales investing. That |
| of the homeowner's mortgage. You can attempt | | | | house may still end up on the auction list even |
| to stall that foreclosure by calling the bank in the | | | | with these extra precautions. Some strange fluke |
| homeowner's name. You'll be the homeowner's | | | | may cause the house to end up at auction and |
| mediator with the bank during the short sale | | | | you'll lose that house before you even get it! Be |
| negotiations so this tactic isn't too outside the | | | | sure to call the court house after a few days and |
| range of normal practice. You are probably the | | | | make sure the property has been taken off of |
| most reputable person to intervene with the | | | | the property list for the auction. |
| bank's foreclosure filings on the homeowner's | | | | It is possible to delay sheriff sale auctions or get |
| behalf anyway. | | | | a foreclosure extension from the bank, but it's a |
| Call the bank officer you've been working with on | | | | frustrating process. These tips and ideas may not |
| the short sale and let them know you need a little | | | | always work. Plus, the bank may not feel inclined |
| more time to complete your short sale package. | | | | to delay the foreclosure auction when you |
| If you have yet to contact the bank to initiate | | | | approach them. It's worth a try though, especially |
| the short sale process, do so now! Tell the loss | | | | if you've found a short sale property that's going |
| mitigator you are an investor and your plan on | | | | to bring in a large profit. |