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Old 11-22-2011, 04:18 PM
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Default The bank is attempting to take back the foreclosure,

what can I do? In October 2010 my dad purchased a gas station that was foreclosed upon. He had been taking care of the monthly payments to the bank but the interest level was too high and the bank refused to refinance, despite that the interest rate was the same from when the previous owners were running the gas station. Eventually, the payments were just too high for him to keep up with and he wasn't able to pay them in full. The bank then refused the last payment he tried to make (I believe this was in May or June) and pretty much said he had to give the money or they'd take the property.My dad has since gone to a private lending company for a loan big enough to pay all the money due to the bank but it's taking some time and the bank does not want to wait. It's gotten to the point where if the money doesn't come through soon he'll lose everything.I'm wondering if there's anything he can do in the meantime to stop the bank from taking the property, at least until the lending company gives him the loan? I had heard and read something about certain situations where banks were unable to prove ownership and individuals were able to keep their property but I don't know how that really works or if the ownership is already proven simply because it was a foreclosure to begin with? Is there anything he can do? This is extremely important so thanks to everyone in advance.Also, this is in California, just in case that changes anything.
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