Offlineheres the situation ive found a house in pre foreclores got in contact with the owner in which she agreed to work with me....
now heres my problem,her house go in foreclosure in less then 20 day and i dont know how to slow it down the foreclosure process in order for to give me more time to find investor...
the property is located in new york city... some please help i dont want to lose out on this opportunity...
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I will never accept defeat there for I will never fail
to do a short sale on the house. Have the seller sign an Authorization to Release Information. Google "Sample Authorization to Release Information" and then use that form or make one up based on it. You will call the bank and tell them that you need the fax # so you can send the autorization form. Fax ASAP and then call every 24 hours until it shows in their system that you are allowed to talk to the bank. Once you have approval, you can talk to the bank about stopping the auction and doing a short sale. At that point they will tell you what paperwork they need.
Good luck...
Most States allow the bank/deed holder to postpone the auction. In my state a home can only be postponed for sale 5 times before it turns into an REO. Each State is different but a postponed auction should give a few months of wiggle room. Short Sale requires a bank's OK which could take months & you've only got 20 days. Not sure if a Short Sale would work? Plus, a Short Sale marks your credit worse than a bankruptcy and you have to pay taxes on the short sale amount... and a ton of other red tape stuff.
Hope that helps?
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It's my understanding & by checking credit reports a short sale usually only drops your FICO score by around 100 points. On the other hand a bankruptcy drops your FICO score by around 300 points. So if they have excellent credit,
say 800, a short sale can still keep them in a good to very good range.