I think that it is too late. The town gives the people living there a lot of time from seizure to auction, so I would say if you have seen the auction announced there is nothing that the people who lived there can do.
I might be wrong, but I think that once a lienholder starts foreclosure the owner has a right of redemption up until the auction--meaning that they can pay off the amount due up til that point. If that's the case, it would seem that you could pay the owner and the owner could pay the lienholder?
I think that it is too late... but I could be wrong.
Jenniesunshine is right, the property owner has until the day of the auction to redeem. BUT, if the auction is listed in the paper, there is only approx. 30 days to the sale, and unless you are going in ALL CASH it may be hard to get a mortgage and close in that amount of time. Sometimes, though, if you have a contract with a firm closing date and a mortgage commitment letter, the owner can give that to the bank and they MIGHT postpone the sale.
Posted by Kris
Jenniesunshine is right, the property owner has until the day of the auction to redeem. BUT, if the auction is listed in the paper, there is only approx. 30 days to the sale, and unless you are going in ALL CASH it may be hard to get a mortgage and close in that amount of time. Sometimes, though, if you have a contract with a firm closing date and a mortgage commitment letter, the owner can give that to the bank and they MIGHT postpone the sale.
