Replies to This Discussion

Permalink Reply by Alan Remigio on April 21, 2010 at 10:39pm

Yes and no....more like, don't do it. Your problem is taking the risk at the sale that you will not be out bidded by another party. The lender cannot circumvent the foreclosure process with a sweetheart deal. THIS is a form of fraud perpetrated by the lender if the attorney makes a deal that allows only you to purchase the property at a predetermined price AND the foreclosure goes through. Buying out the first at the court before the gavel drops (which happens) will stop the foreclosure proceedings, but not relieve the property of the other lienholders. Foreclosure wipes out all other lienholders with very few exceptions. It does not allow the other lienholders an opportunity to participate in the judicial process and partake of possible monies obtained via higher bidding. I assure you that is not the lender's intention even though you are made to believe it.
You must continue to negotiate the 2nd and keep the 1st informed as well as continue to ask for additional concessions. Others on here will tell you that, as the sale date gets closer things will happen, regardless of the lender, but you need to keep at it. Lastly, you must make sure the buyer will, at least, stay until the end. All that work will be for nothing if you do not have a buyer to close.

Permalink Reply by Esther M. Camarotte on April 22, 2010 at 12:43am

You need to go get your buyer to get legal advice about buying anything at the Courthouse steps. If there are any liens - like the 2nd you inherit them when you buy at the Court house steps. This is crazy for your buyer. Of course the first is going to tell you to buy at the Courthouse. GO TO A GOOD REAL ESTATE ATTORNEY BEFORE YOU DO ANYTHING. You maybe be buying a big problem and them have to pay what is due like back taxes also, etc.

Permalink Reply by Sam Purtle on April 22, 2010 at 8:18am

Karen

That seems strange that BofA would suggest that your purchaser wait until after the foreclosure sale to purchase it directly from them after the fact. That seems like a huge gamble. Have you tried to reach the owner of Kondaur regarding the situation? It has been my experience they are more than willing to take less than they are owed as they purchase non performing loan portfolios at ten cents on the dollar and then either resell the individual notes or negotiate short sales at thirty to fifty cents on the dollar. Good luck with your transaction.

Here is his info:

Kondaur Capital Corporation
Jon R. Daurio, Owner & CEO
[email protected]
Phone: (714) 352-2052
1100 Town and Country Road, Suite 1600
Orange, CA 9286

By the way, Esther (above) is providing some erroneous info. Once a property sells at auction, the homeowner loses all right, title and interest in the property and all junior liens are extinguished. Although back property taxes and IRS liens remain attached to the property following a foreclosure sale. Of course this is all of my experience talking and I agree that an attorney should be consulted regarding Florida specific foreclosure law.

Permalink Reply by Esther M. Camarotte on April 22, 2010 at 9:53am

Every state is different regarding what is or is not extinguished at foreclosure. They need to consult a good real estate attorney before venturing out into the foreclosure courthouse steps as an amateur.