5 day period

Submitted by Casey from CA - 07/23/2009 - 6:48pm

I'm working w/a preforeclosure seller with sale going on 7/27. 1st is foreclosing (Countrywide), 2nd is (BofA). Do I show trustee my purchase agreement to ask for a postponement? Also, how much time should I ask for? Do senior lienholders that are foreclosing typically reinstate so close to the sale date?
 
On the 2nd, what % should I offer since they will be wiped out anyway right? Or is there a better strategy to get junior lienholders to discount?
 
5 day rule would apply since all 4 factors apply: my understanding is we can close 5 days after executed contract?  Thank you.

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Comments

Submitted by Sean - 07/27/2009 - 6:52pm

Sorry -- looks like I got to this too late. Sounds complicated given the short notice, were you able to pull it off?

Submitted by Anonymous - 08/05/2009 - 8:22pm

It got pponed 30 days. ? Do deficiency judgements apply to short sale transactions and auction purchases or is HO'er forgiven?

Submitted by Sean - 08/11/2009 - 11:05pm

The lender may reserve the right to pursue the homeowner for a deficiency balance on a short sale, though this can be negotiated. The auction wipes out the lenders secured interest in the property... but does not necessarily impact the rights of a junior lienholder to pursue collection.

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