Friend Needs Help....
I posted this in the Foreclosure but had only one response, so, I thought I would try here.
I have a friend that had some financial problems and is about to loose his house in foreclosure. He called the loan company and they told him not to pay anymore and they would see if they could work out a plan for him
He just got a letter on Sat. sating they can't work out a deal for him due to his finance.
What can I do to help keep him from loosing his house.
He has his tax return coming as well as money from a house he is trying to sell out of town.
Is there a way to hold off the foreclosure until he get his funds. Or is there a way he would be able to get it back when he get his funds?
Will he have to move his family immediately or what?
I hate I don't have the answers to help him. I know a lot about different areas of Real Estate, however, Foreclosures are a mistery to me.
Can anyone offer some advice???
Dealing with bank directly would be his best chance. He can for example offer to colateralize his other property, which is as you sad located out of town. Even if this turn out to be undoable for any reason, it will still show the right intent to mitigate given situation. Another thing he could do is file bankruptcy in final days before foreclosure, to buy the time until he gets the tax check. You can also try to short sell his mortgage and have him refinance it for you, once he regain stability. if he does not, you'll get the house deal rather then some investor form Asia, who do not give the FF about your friend.
Concerned...
I'm not exactly sure what short sell is...
Can you elaborate?