5 day period


#1

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?
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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?
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5 day?rule would apply since all 4 factors apply: my understanding is we can close 5 days after?executed contract? ?Thank you.


#2

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


#3

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


#4

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.