Dealing with Pre-foreclosed homes

Dealing with Pre-foreclosed homes

I am a "newbie" and I was just wondering in regards to pre-foreclosed properties. Lets say I have a homeowner who would like to sell the property at a discounted rate, but it would not cover the balance of the loan. Checked into short-sale but the property has an auction. Is there any way to stop the auction? Or can the homeowner sell the property, to stop an auction, at the discounted rate then just have a balance owed to the bank? Then settle with the bank? Would that be better than a foreclosure?
Thanks for any information anyone can pass over.

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preforeclosure can I take over mortgage by taking out of default

Hi. We are interested in a house that will be up for auction july 8, it's on the market for 83K, but they only owe 33K. In the paper, it reads "Right to cure" I'm gonna write it all, and hoping someone can help me tonight even. We are excited and are hoping it says what we think it does. ok."the grantor, successor in interest to the grantor or any other person having an interest in the property, at any time prior to the trustees sale, may pay to the present beneficiary (1st interstate bank) the entire amount then due under the Deed of Trust and the obligation secured thereby (including costs and expenses actually incured and attorney's fees) other than such portion of the principal as would not then be due had no default occurred and thereby cure the default theretofore existing. Guys, does this mean I can pay all back payments owed and take over loan amount? It says it was at the rate of 6.62 % interest per annum from October 1 2008, (meaning no payments since then)? The owners are both deceased and the son is the successor trustee. Can anyone that is interested do this? We are in MOntana, by the way, and my friend who was foreclosed on said something similar to me, like anyone could have paid the back 25K they owed to take the property off default, but they owed 285K, and apparently no one wanted it. Thanks so much for any input at all. Tina


help

Michael and Tina wrote:
Hi. We are interested in a house that will be up for auction july 8, it's on the market for 83K, but they only owe 33K. In the paper, it reads "Right to cure" I'm gonna write it all, and hoping someone can help me tonight even. We are excited and are hoping it says what we think it does. ok."the grantor, successor in interest to the grantor or any other person having an interest in the property, at any time prior to the trustees sale, may pay to the present beneficiary (1st interstate bank) the entire amount then due under the Deed of Trust and the obligation secured thereby (including costs and expenses actually incured and attorney's fees) other than such portion of the principal as would not then be due had no default occurred and thereby cure the default theretofore existing. Guys, does this mean I can pay all back payments owed and take over loan amount? It says it was at the rate of 6.62 % interest per annum from October 1 2008, (meaning no payments since then)? The owners are both deceased and the son is the successor trustee. Can anyone that is interested do this? We are in MOntana, by the way, and my friend who was foreclosed on said something similar to me, like anyone could have paid the back 25K they owed to take the property off default, but they owed 285K, and apparently no one wanted it. Thanks so much for any input at all. Tina


pre-foreclosure

I want to buy this house in default, The owner signs the mortgage over to me,Now do I have to get approval from the lender or holder of the mortgage in order for this transaction to fly. As long as the mortgage is being payed, will I run into any walls?


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