Posted by Tom (NY) on February 25, 2001 at 16:14:48:
Pay the arears and make his payments till he gets a job
House might go to foreclosure - Posted by mel
Posted by mel on February 25, 2001 at 12:55:56:
SITUATION:
Family member is about to lose his home. Behind 2-4 months on his mortgage. He is unemployed. I’d hate to see him lose his home…maybe there is something I can do.
Recommendations?
A Word of Advice… - Posted by Rick Wheat
Posted by Rick Wheat on February 26, 2001 at 07:24:43:
about dealing with family members. GET IT IN WRITING!!! You also probably want to have them move out of the house into one they can better afford, or one that YOU can afford for them. Because, if you get busy marketing the property and find a good prospect, family members may NOT be very cooperative when it comes time to leave.
Just a bit of advice.
GOOD LUCK!!!
Rick Wheat
rick@rwcproperties.com
Re: House might go to foreclosure - Posted by Rick(CA)
Posted by Rick(CA) on February 26, 2001 at 24:58:03:
Mel,
The first thing I would do is contact the mortgage company who holds the loan and explain the situation. Sometimes they have programs where you can take those back payments and tack them onto the end of the loan. THAT should be your first course of action.
If you think it will work, you can try and find a investor partner with the money and offer them a 50/50 split on the equity against future appreciation.
Otherwise, you may have to try and sell it fast. Start checking around for local investors.
As another alternative (but this does require him moving on) is to lease option the house. Get a sizable option consideration to make up the back payments, etc.
However, if you can’t do any of these options and unless you’re willing to take over payments (maybe for an equity partnership?) then there may not be anything you can do.
So there are several options right there. Hope they help.