One Of The Most Common Problems
There have been several posts where investor does not have enough time to do anything to help out the foreclosing person. Alot of the replies came back as you need at least a week to do something.
However, there are ways to come to some sort of deal.
Option 1: The homeowner can file for Ch. 13 Bankruptcy. This will buy time so you can either buy the property yourself or sell it for them.
Option 2: Pay their arrear mortgage payments, and take over their payments. But then, what would most investors do after this??
What other options would you consider for this homeowner?
I am not sure if you are looking for more ideas, but I have one
3) negotiate a new fixed date with the lender to have the home in escrow. Meaning get it in writing that they will allow a 10 day? extension before it is sold. The provision is that it must be in escrow by that date. I have not had to do this, but I hear home owners tell me they did it.
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