Posted by JT-IN on September 03, 2003 at 19:04:11:
Rob’t:
Sure, lots can be done, but we are missing the all-important 64,000 dollar question… (You may not be old enough to remember that TV show); How much is the property worth…?
Let’s say the property is worth 280K - 300K, then yes there are a number of things that can be done for your friend. If the property is worth more like 230K, then the options may be more limited… but there are still some to consider. Also, who is the Lender…?
Foreclosure advise is very state specific and the state your friend is located would help a great deal too… Maybe there is an investor here on the site that could help…
Foreclosure advice please - Posted by Robert Miskolle
Posted by Robert Miskolle on September 03, 2003 at 18:17:19:
Is there anything that still can be done for a friend whose house is currently in forclosure. He is five months behind. $12,000 in arrears. He tried working it out with the lender, but lender would not approve a refinancing, modification, payment plan or anything.
Now this matter has been refered to an attorney, and a forclosure summons and complaint has been served on him. The lender will not talk to him any more. They simply refer him to the lawyer. The lawyer will not talk to him other than to tell him the date for the auction of the property.
The bought the house two years ago for $255,000. They owe about $240,000. Does not know current FMV of property.
Is there anyhting that can still be done for my friend ? Once a forclosure has started is there anything besides bankruptcy that can help. He does not want to file bankruptcy. By the way my friend only has half the past due amount.
Posted by Doug,ky on September 04, 2003 at 08:39:59:
Think about doing a short sale. Will save your friend from having a forecloser against him and make a profit for u helping him out. Legally, he can’t receive any of proceeds from the sale of real property, but >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> (you fill the blanks). As I understand it he could sell you some of his personal property which would not be part of the real property transaction.