So it turns out that the auction will be postoned for one month because the owners miraculously convinced the lenders that they will get financing in another month.Â
The lenders also said that the interest rate goes from 10.5% to 17% when the property is in default, which will drive up the amount owed by 17%/12 percent this month alone. And of course, they promise the auction won’t be delayed again.
This was not what I wanted to hear.
On a positive note, I wrote some of the investors in the local REI club and got some responses. Maybe I can find an EB to guide me along this process.  Marching on…
Â