Posted by dewCO on November 18, 2000 at 20:22:46:
In order for him to stay in the house, someone has to make up all the back payments to the lender, and the lender has to agree to reinstate the loan. Not likely this close to the sale date. Or the owner could deed you the property and you could get it financed (and pay off the original lender, including all arrearages, interest and attorney fees, etc.) and then have the skip tracer LO from you. These are not easy to do when lots of months of now payments and interest have accrued. It takes mucho dinero to get into them. Of course, if there is enough equity, it could work with the seller deeding to you. But usually there isn’t at this late stage in the proceedings. You need to go to the archives to read up on foreclosures and preforclosures.