Quick Help!!!
Friend of mine needs advice, she has lived in her home almost a year now and the purchase price was 128,500, and the surounding homes now sell for 150,000. She's three months behind and the company is threatning foreclosure. What could be the best thing for her to do.
Tell me if you need any more information.
Hi bj2964,
If it is possible, she should try to bring the note current before they start the foreclosure on her, especially in the state of Georgia. The bank may keep the note current if she partially makes up the arrears. If she has to borrow money, tell her to start calling friends and family. Not something that I would normally do, however, her options are vanshing quickly.
The other thought is to list it with a realtor right away. If it sells quickly around $150,000 , she would walk away with some cash. She could also try to lower the listing price for a quick sale to save herself! I hope that helps and Best of Success!
BAMZ
At this stage, don't just send in the payments and hope the problem goes away. You need to know from the lender that they will cease foreclosure if the back payments (and all penalties, etc.) are made up and current.
As BAMZ said, the options are fading fast. Why is she 3 months behind? Has the situation that put her there been fixed?
If so, another option may be a refi loan. IF the property is valued at $150K, a 90% refi would be about $135K. Of course, the payments will likely be higher and if she is unable to pay now, this is not a good option.
Finally, call an investor. One of those local "we buy houses" ads. See if they'll help.
At this point, it is unlikely the your friend will be able to keep the house. Thinking that it is possible will not help her cause, which should be to protect her credit.
Roger
Thanks guys, the problem that got her there is resolved but she now has to catch up on the payments. The lenders told her that they want at least two months now and they will work with her. She is looking to get a loan to catch up, and do a refi a little later. Is this a good thing?[ Edited by bj2964 on Date 10/16/2003 ]