Is It Too Late??
The situation is this:
Date of foreclosure is January 7. The owner of the house hasdundergone cataract surgery for both eyes. He will not be generating income for quite some time. His daughter works and lives in the apartment beneath, but her salary alone cannot support the mortgage.
They are about $10,000-$12,000 behind in mortgage payments. There might be about a $40,000 equity on the current condition of the house, but since the sale is only less than a week away, what options would I offer? If I take over the payments, how would I structure the payback if they wanted to stay in that house? Is it even recommended to have them stay in the house if they cannot afford to pay rent for those two apartments?
Now, would I be able to structure a short sale when the foreclosure sale is only a week away?
Comments(0)