PHH Mortgage keeps postponing sheriff sale, due to uncooperative owner

[MikeJaquish]

Originally Posted by jackmichigan

For what it's worth, I would withdraw the offer, too. But, I wouldn't attempt to buy it at the court house steps. Instead, I would wait until the bank takes possession and see what they market it for. It may be less. (Of course, it may not be...but I'd chance it.)

There are so many vultures looking for foreclosure deals, and so many games at the courthouse, too, the local scene needs to be observed closely.
We had a couple of regulars do time for bid rigging several years ago when there were lots of foreclosures.

[Rweaver1214]

Mike,

What should I be looking at on the local scene? I went to one sale date but all sales for that day had been postponed so I did not get to see what the turnout looked like. Also what kind of games go on at the courthouse?

[MikeJaquish]

Originally Posted by Rweaver1214

Mike,

What should I be looking at on the local scene? I went to one sale date but all sales for that day had been postponed so I did not get to see what the turnout looked like. Also what kind of games go on at the courthouse?

Bid rigging is a "game." Investor bidders arranged between them not to bid against the other parties to suppress the prices they paid. And, some did hard time when caught.
I believe I saw it done, but I think because he was hot for her as much as for any financial angle.


I don't know your local laws and local customs, so it is hard for me to answer. I know that you are putting a toe into a difficult arena.


FWIW:
I Went to the Foreclosure Auctions. Surreal!-

[ringwise]

Originally Posted by Rweaver1214

Mike,

Thanks for your reply but I am looking for actual advice from people with experience in this situation, not negative comments from those who do not have real advice to offer.

That was real advice. Not the advice you were looking for, perhaps, but advice all the same.

[Rweaver1214]

Originally Posted by ringwise

That was real advice. Not the advice you were looking for, perhaps, but advice all the same.

Thanks for your reply, I asked about withdrawing my current offer to try and stop further postponements. Not if I should walk away from the house. I am not in a bind to get the property bought but I would rather it happen in a few months than a few years. I am trying to find the right balance between keeping my foot in the door in the event the paperwork is submitted and keeping the bank from holding out for the short sale.

[Rweaver1214]

Update, I received correspondence from the negotiator today that the necessary paperwork has not been received, causing the file to be "closed to be reviewed" which seams like a good step. I called PHH and asked them if this meant that if the paperwork is not sent in will the Sale take place in April and the POC said this typically means the short sale is off the table once the file is closed with incomplete paperwork.

[MikeJaquish]

Do you know how to track your local foreclosures, at the courthouse, or however it is done?


It is good to be on top of it. Sometimes they drag on, and other times they happen in a flash.

[Rweaver1214]

From everything I have found, in Pennsylvania all foreclosure documents are filed through the Prothonotary office. I have been checking the file regularly to keep an eye on what the bank has sent to the homeowners and court system. According to a local real estate attorney the only way the homeowner can delay the sheriff sale at this point would be to file bankruptcy. The bank on the other hand could delay it for as long as they want for any reason at all.

[Rweaver1214]

Just an update on the house. I blught it this morning at sheriff sale for 121k the house appraised for 192k in present condition and the judgement was 210k. I'm really happy with the results of this sale. Thanks for the advice ir helped immensely!

[joeycannoli]

Thanks is great news! Your persistence paid off!