Legal Question in Real Estate Law in Florida

going into foreclosure during contract of sale

What happens when a house goes into foreclosure proceedings while under contract for sale?

Can/should the property owner get the house out of foreclosure, or can/should they wait for the closing of the sale and let the mortgage pay-off go directly to the party handling the foreclosure?

ps-the closing on the sale of the house is July 15

Thanks,

Anne


Asked on 5/19/02, 8:37 pm

2 Answers from Attorneys
Peter Gonzalez Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP

Re: going into foreclosure during contract of sale

I agree with Mr. Jay's assessment. It appears that you may be able to effectuate a sale that may permit you to cash out whatever equity the property may have, but to do so under the circumstances will require you to retain a lawyer that can manage and attempt to control the various players involved. Seek the advice of counsel and good luck.

Read more
Answered on 5/20/02, 1:11 pm
Scott R. Jay Law Offices of Scott R. Jay

Re: going into foreclosure during contract of sale

This is a complicated situation. It requires a delicate balance between moving the closing forward and stalling the foreclosure to allow for the sale to take place. You want the foreclosing lender to cooperate in allowing the sale to take place. Lenders....and the foreclosing attorneys can be very difficult to work with or extremely cooperative. It all depends on how they are approached and dealt with.

I strongly urge you to seek the advice of a competent real estate attorney who has handled a similar case in the recent past. This is not a job for an inexperienced attorney.

Scott R. Jay, Esq. 305-249-8000

Read more
Answered on 5/19/02, 9:12 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Florida