Wednesday, July 7, 2010

Question about foreclosure on my parents land and house.?

They are scheduled to have the foreclosure on the 14th, and they were able to find someone to give them the loan but it will not be completed until after the 14th.. Should or by law, should the Bank wait on the foreclosure and extend the date of the foreclosure?


The chances are slim the lender will delay the foreclosure. What I suggest is you know and understand your parents rights in your state. Each is a little different. For example in Minnesota , the sheriff sale takes place which is notice of default to the public, then the homeowner has 6 months to redeem the property. Which means paying all back payments and any legal fee's and charges. In this case, the date of the loan wouldn't matter as long as it fell within the 6 months from sheriff sale. Understand what I mean?

Check out what your state law's are governing foreclosure.

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That is entirely up to the bank. Tell your folks to ask their new lender to contact the foreclosing bank and provide them with assurances that the new loan will indeed close, and ask for an extension.