Question: The previous owners have fully given up on their house and now we are interested in buying the home from an investor who has the right to the house after the auction.
The auction was set for 4/7/09 and was postponed by the special master. Our realtor said there was some paperwork missing from the mortgage company.
It has been 2 months and there is no movement on the court case and no new date has been scheduled.
Is there a way we can try to push the auction through faster- write a letter to the judge or contact the special master?
Should we contact a lawyer to do the work?
Long awaiting in New Mexico.
We are hearing about more and more of these situations as foreclosures continue to mount. It is a new strategy used by homeowners to postpone and sometimes even eliminate foreclosure or force the mortgage company to “modify the loan”. What homeowners are doing is asking the lenders to produce the original loan documents and they can’t. If they can’t produce the right documents, they can’t foreclose. And until they locate the right documents, there is nothing they or you can do. Not saying this is what is happening, but could be. They could of also had a “short sale” offer which can also postpone the auction. Or the homeowners could have filed bankruptcy which can also postpone the auction.