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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] May wind up with a GEM Posted by Chris OH on November 08, 2001 at 4:54 PM In Reply to: Re: Just sitting there for the asking.. posted by Ward-CA- on November 07, 2001 at 10:48 PM : : : : Ward, : : I have an opportunity to purchase a foreclosure that goes for sherriff's auction in 8 days. I understand the law in the state of California states that offers on properties must be signed 5 business days prior to the sherriff's auction. Do you know what the law is in the state of Ohio? Secondly, what can we do to help the seller "stay" the foreclosure? I understand they can stay the foreclosure for 30 days by filing for chapter 13. Do they have to carry out the chapter 13 proceedings, or can they just file for it to buy some time, sell the property to somebody like me, the reneg on their ch 13 filing? : : Short on time : =•=•=•=•=•=•=•=•=•=•=•= : Chris, the fine details of Ohio foreclosure law are still to mastered by us. : Anyone who properly files an emergency petition in Chapter 13 in federal bankruptcy court will get an automatic stay of their foreclosure, no matter what their situation or state of residency. It’s just sitting there for the asking. : That’s because there’s no qualifying for the automatic stay until AFTER you have submitted the entire filing. If the balance of the filing is NOT submitted to the intake clerk within 15 days of filing the first six pages, then the whole application is automatically discharged without further ado by the court. : If someone doesn’t need any more time than an extra 30 days at the end of their foreclosure process to cure their foreclosure situation, then this is the ticket them. All that’s required is the filing fee (now it’s $185) in cash or money order form, and the six pages that make up the initial filing package. : The reason you can finagle an extra 30 days more at the end, is that the attorney for the lender can’t get a hearing from the bankruptcy court to set aside your automatic stay for at least 30 days after they have asked for it. : Because of that fact, the foreclosure processor will postpone the stalled foreclosure sale for 30 days, hoping the attorney will get the required relief from stay at that first 30 day mark. Before that day arrives though, you or your buyer for the property, will have acquired title and will have paid all the back payments, thus canceling the foreclosure altogether. : Hope this helps. Ward, Thanks for the help. I should have read your comments on how to approach the owner prior to talking with this gentleman. His aunt passed away, leaving him as the executor of the estate. He tried to sell the propoerty FSBO for 14 mos, but had bad luck with sub-code electrical wiring and lead based paint all over the house. (Probably had VA or FHA loan seeking buyers???) He wasn't willing to show me the inside of the propoerty but his neighbor told me everything I wanted to know about this gem. He said the inside was in near perfect condition. 100 + years old and no major problems. Even if the exec. deson't want to settle this issue before the sherriff's sale, I still have the upperhand at the sherriff's auction. I'll let you know how this shakes out. Chris Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : : : Ward, : : : I have an opportunity to purchase a foreclosure that goes for sherriff's auction in 8 days. I understand the law in the state of California states that offers on properties must be signed 5 business days prior to the sherriff's auction. Do you know what the law is in the state of Ohio? Secondly, what can we do to help the seller "stay" the foreclosure? I understand they can stay the foreclosure for 30 days by filing for chapter 13. Do they have to carry out the chapter 13 proceedings, or can they just file for it to buy some time, sell the property to somebody like me, the reneg on their ch 13 filing? : : : Short on time : : =•=•=•=•=•=•=•=•=•=•=•= : : Chris, the fine details of Ohio foreclosure law are still to mastered by us. : : Anyone who properly files an emergency petition in Chapter 13 in federal bankruptcy court will get an automatic stay of their foreclosure, no matter what their situation or state of residency. It’s just sitting there for the asking. : : That’s because there’s no qualifying for the automatic stay until AFTER you have submitted the entire filing. If the balance of the filing is NOT submitted to the intake clerk within 15 days of filing the first six pages, then the whole application is automatically discharged without further ado by the court. : : If someone doesn’t need any more time than an extra 30 days at the end of their foreclosure process to cure their foreclosure situation, then this is the ticket them. All that’s required is the filing fee (now it’s $185) in cash or money order form, and the six pages that make up the initial filing package. : : The reason you can finagle an extra 30 days more at the end, is that the attorney for the lender can’t get a hearing from the bankruptcy court to set aside your automatic stay for at least 30 days after they have asked for it. : : Because of that fact, the foreclosure processor will postpone the stalled foreclosure sale for 30 days, hoping the attorney will get the required relief from stay at that first 30 day mark. Before that day arrives though, you or your buyer for the property, will have acquired title and will have paid all the back payments, thus canceling the foreclosure altogether. : : Hope this helps. : Ward, : Thanks for the help. I should have read your comments on how to approach the owner prior to talking with this gentleman. His aunt passed away, leaving him as the executor of the estate. He tried to sell the propoerty FSBO for 14 mos, but had bad luck with sub-code electrical wiring and lead based paint all over the house. (Probably had VA or FHA loan seeking buyers???) He wasn't willing to show me the inside of the propoerty but his neighbor told me everything I wanted to know about this gem. He said the inside was in near perfect condition. 100 + years old and no major problems. Even if the exec. deson't want to settle this issue before the sherriff's sale, I still have the upperhand at the sherriff's auction. I'll let you know how this shakes out. : Chris Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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