foreclosure "paused"

[Terry Hoefer]

How many times can a mortgagee file for loan modification to postpone foreclosure? I'm assuming there's a limit and they can't be concurrent. I've read that an auction can't be scheduled for a year from the date the foreclosure started. Would this "pause" in fact delay the potential auction?

[Belinda Lopez]

Lol - yes, it can be frustrating but if there's anyway to get to the current owner and the numbers are right, why not try to work with them?  Have one right now where the owner filed bankruptcy to stall foreclosure on several properties but eventually they did start selling them at the foreclosure auction.

I was willing to buy them before the sale date but the agent had no clue who to handle the situation so this particular property went to the auction.  I watched as another investor picked up the deal for  $20k cheaper than what I had the property under contract for.  This also told me that the agent was 'not exactly honest' on the property payoff.  Well, turns out the investor just wanted to unload the property fast and called me the next day to see if I wanted to buy it!  Price was $10k less than I had it under contract for.  He makes a quick $10k, I save $10k and get the property after all.  It ain't over until it's over.  Good luck!