Owner got a foreclosure letter before we closed. What now?

[Thomas Weidner]

We have a property under contract and we are having title work done as we speak. The title work should be done by the end of the week. Today the seller which we know personally called and told us that she had received a foreclosure letter from her bank. I know we will not be able to talk to the bank where it is financed because we are not on the note. What do we need to do now to close this deal!

[Jay Hinrichs]

Originally posted by @Thomas Weidner:

@Greg H. I believe this was the first letter. We contacted the bank where the note is held and spoke with them. They want a contract and a approval letter from our bank saying we will be able to purchase. The bank said they could hold off till March 5th with the items listed above possibly longer if need be. We are pretty much purchasing for what is owed and the seller is walking away because they are unable to keep it up and behind on taxes. I believe we are only a week or two from closing. Thanks for the feedback.

 there ya go all good.. nice work sure helps when you can actually speak to a banker instead of a servicing company. !