Here's the deal...ideas on how to make it work

[Sarah S.]

So....today I learned a couple of lessons.

#1. Those suggestions about handwritten letters being more successful than typed ones-Now Proven. Never responses in the past to typed letters so hubby and I did the written ones on yellow paper and phone hasn't stopped ringing. (good thing we only did 15 such letters....lol) But 100% response.

#2. Don't second guess yourself on whether or not someone will respond...ALWAYS be ready with your next move just in case someone is ready to accept your offer.

Thank goodness for Bigger pockets cause it gave me extra confidence to try and I know someone will help me figure out what I may not be able to yet. Soooo....here is the situation and both are potential subject to's but both also are in foreclosure status and need to be worked FAST!

Property #1.

Appraised $196K

Repairs Needed $45K

$125K left on mortgage balance

$35K in arrears to catch up

Mortgage $1100 without insurance/taxes

Property #2

Appraised $171K

Repairs Needed $3500

$102K left on mortgage

$40K in arrears to catch up Move in ready and in great shape

Extra benefit- repairs needed are very minor in kitchen from a small fire. Claim paperwork in place but owner unemployed and has not been able to pay $2200 deductible and will pass on claim to make repairs, we just need to pay the deductible. Mortgage $1485 (includes taxes and insurance)

We are looking for our own personal home and very interested in property #2. Our dilemma is there is no way to get a personal loan approved in time to pull from foreclosure auction of May 6th. We have immediate cash reserve of about $20K and may can get $10K-$15K by Monday in a loan, yet don't really want to use most of our cash reserve also but will consider. At this point does anyone have any ideas on how to stop the sale and have the home pulled from foreclosure? Owner is currently unemployed for property #2 but wonder if he called and offered to pay $10K-$15K if perhaps they would work with him and cancel the sale. Anyone with experience with such a situation? Just trying to figure out how to stop the sale right now. Both owners are ready to let their notes be assumed.

Any help on this would be appreciated. First subject to in awhile and never had a subject to that was headed to foreclosure but since may happen again in the future, advice will be greatly appreciated. Thanks in advance.