Right to cure...sale date only 15 days away..an enquiring mind needs to know?

[freeind]

What is the name of your state (only U.S. law)?

Colorado

My home is set for a sale date of Nov. 5th, 2008 , making it exactly 15 days from today which also happens to be the last day I can file for a "right to cure'. I then have up to the day before the sale to cure the default for nonpayment. I can't pay the total $$ due .

I NEED ADVICE on options that may exist which may lead to a later sale date, PLEASE. Any legal filings, bribes, name calling, etc. Whatever has a 1 in 100 chance of working.

Three reasons I'm asking for any possible postponement tactics, besides the fact that it is my family's home, which we love dearly :

1. I received a notice from my lender recently stating that my interest rate has been lowered (by way of a standard adjustment, not mod.) to 5.25% for at least 6 months at which point it can go up by a max of 1%. This saves me roughly $300 - $400 a month, putting the payment back within my reach.

2. I recently spoke with a real live caring person with the lender and brought to their attention the rate adjustment and that I have mailed in 2 loan workout packages over the past 9 months and have heard nothing back. I explained that I have the ability to get back on track with my payments but have not been able to speak to anyone with any clout for almost 1 year now.

3. I looked over my loan docs and noticed a loan assumption feature (which I asked the lender rep about exercising as a last resort) that I could exercise if I absolutely had to..... by having a family member, with excellent credit & strong financially, take over the loan while I make the payments. This might be attractive to the lender as it lessens their risk for a subsequent default.

The lenders rep was very attentive and praised my efforts to save the home. She said that she understood the urgency of my case and would bring in the loss mit manager and specialty loans manager to explore possible solutions. This took place 3 business days ago and I haven't heard back, she told me it might be a few days...I have her direct # which she gave me and I will call today.

So, if you have read this far you are a champ and as you can see I have, at least, a chance that the lender could postpone the sale until we explore a workout. However, I don't want to take the chance of leaving it up to them only to run out of time . I need to work both sides! A short story long, I need to initiate any legal action I can to stop that train from leaving the station for good to maximize my chances of keeping my home.

FYI - Zero equity -- upside down about $50k -- Pending HOA lawsuit vs. builder for construction defects -- roughly 14 empty foreclosures in my community -- no sales within the past 12 months within community**************I want to keep it despite all of this.

Also, if all of this fails, roughly how much time after a successful sale do I have to be out of the home?

Thoughts anyone? Pour it all out....karma is on your side

[FlyingRon]

You have to file the right to cure 15 days or more before the sale. If you want to do this, you need to do it immediately.

The right to cure isn't an invitation to negotiate more changes to the note. It's to satisfy the default (make the missing payments). If you think that you can bring the payments up to date go for it (and you can try to negotiate term changes later).

I'm not sure what the assumption option is going to do for you if you can't afford to pay now, all you are doing is burdening some relative with the obligation for you default.

[freeind]

You have to file the right to cure 15 days or more before the sale. If you want to do this, you need to do it immediately.

OK, this part is important. If the filing date for the right to cure passes is there anyway that the lender could postpone the sale or is it out of both of our hands?

Thank You!!

[FlyingRon]

I suspect the lender can cancel it at their discretion.

By the way, if you do file the intent to cure, you only have until the day of the sale to actually do the cure otherwise the sale goes ahead.