MorgansDaddy
New Member
My older sister is renting a town home that is set for auction on August 3rd. It was set for auction last August, but her landlord negotiated a short sale to prevent the auction. Well a year later, it hasn't sold and the bank is moving forward with the foreclosure process. Her landlord told her not to worry about it because his listing agent told him they wont auction it off. The letter stating the date of the sale says he can prevent it by paying the entire principle($172,000). I told her I think he is just trying to make sure she still pays rent on August 1st and I would instead place the rent money into a saving account. I also told her nothing is stopping her from going to the court house steps the day of the auction to see if it sells and that if it doesn't then the bank will become the owner. I explained to her about the federal law that will give her 90 days shall the new owner or the bank file for eviction. Is there something I am missing thinking that it is very unlikely he can prevent the auction again? I guess he could file for bankruptcy, but that would just delay it being it is investment property. Any advice I should give her, or am I wrong with what I have told her so far?