My Friend Needs Help Before Forclosure
My friends husband was a victim of a preditory lender, now they have a mortgage that is unbelieveable...the house apprasses for about 90k but their mortgage is for 109k....they have compounded interest and everytime they are late with a payment they have interests that builds up, he lost his job and started a new one but at 1/2 the pay, they are on the brink of forecloseure and are thinking about just moving off and leaving it and filing bankruptsy, their credit is not good right now due to this mortgage and even if they had great credit noone will refinance a home for more than its worth....does anyone have any advice to help them? They are the end of thier rope, the applied for hardship payments for 6 months and that has helped some but even the interest payments they are making now is just prolonging the inevitable...someone said their was goverment assistance but we can't find anything about it on the web...I have tried to help and search for them but I can't seem to find anything so I thought maybe someone here might know what they can do....what do you mean broker it to avoid foreclosure?
Any help would be great
Thanks
those monsters...
well heres jus a thought, maybe you can try a short sale onthis one being that its so high up there. and then when you purchase it, you can lease/option it or sell it back to your buddy with owner financing. jus a thought.
What do you mean?
Short sale?
Are you saying I should buy it and then allow him to lease it from me with option to buy?
I don't have that kind of money, and my bank will not lend more than the appraisal...see thats the problem....
there has to be away tohelp them keep their house, its not fair what these Ped. lenders do to people...they take advantage and kick them when they are down...its sad that the goverment allows them to loan money on property thats worth less than the loan, it should be against the law.
but the lender don't take any risks cause they also finance PMI to cover the extra...
someone has to know how these good people can get thru this with out losing their home.
I hope I hear about something before its too late.
thanks anyway