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Tenant in Brooklyn,who is trying to buy the property from the reo and bank?Have all paperwork for buyer proof of funds and letter stating he is willing to purchase property with tenants and in as is condition.
Only way I know of any court papers or preceedings is when the other tenants make it known to me.
What options do I have,can I go to court and file an emergency show of cause?
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Originally Posted by tdlaw
I don't understand what you are asking -
You own property (apparently in Brooklyn) and a tenant of the building is trying to purchase the property, which is in the process of foreclosure (it would not be repossession), before it is foreclosed?
I see a couple of problems - at some point during the foreclosure process the property can no longer be redeemed by the owner. If the bank does agree that the owner can redeem the property there are fees and expenses which the owner has to pay in addition to bringing the mortgage up to date.
The tenant could bring the mortgage up to date (saving it from foreclosure), with the permission of the bank, and then purchase the property from the owner by obtaining his own mortgage. He cannot "assume" the present owner's mortgage.
I don't understand why you don't have knowledge of the foreclosure.
Or are you the tenant who wants to save the building from foreclosure? You cannot, without the cooperation and consent of the owner because you have no legal standing. You can, of course, wait until it goes into foreclosure and then purchase it from the bank.
As I said - I'm not quite sure what you are asking and I don't think this is a case where an Order to Show Cause is appropriate because I don't think you have legal standing here.
My suggestion would be - because you seem somewhat confused about the process and your options - that you contact an Attorney. Unless you know what you are doing foreclosed property can be a real mess because there are often other liens, other unpaid bills, title isn't necessarily clear.
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