Is it too late to help this person? My neighbor's home is going in sherrif sale on Dec 4. Amount owed is $90k. Value is at least $120k. Can I help them??
thanks.
A Chapter 13 Bankruptcy petition should put the brakes on the scheduled Sheriff's Sale. If your friends can't meet or qualify for the repayment plan, at least they'll have time to structure a Trustee approved preforeclosure sale.
As for their present home? The window before the sale is close and you must have CASH to save your neighbor. As for Illinois, when the courthouse sale occurs, the homeowner NO LONGER owns the home. Do them a favor and consult them on moving. Can you make a deal? Yes, they are tenant buyers, with a down payment and need a place to live soon!
We are very successful after finding tenant/buyers, and so can you! Visualize how you can solve their problem. (in this case, possibly not the foreclosure)
I'd say ditto for a Chapter 7 in terms of putting the breaks as the automatic stay provision would be the same. Of course you can't keep the secured creditor, of which the mortgage lender is one, from seeking relief from stay but it will buy you the necessary time, I'd say at least 30 days, to get your ducks in a row and figure out what to do (short sale, cure the default and take sub2, etc).
Yesterday, I received final word that a postponement of the Sheriff's Sale of 30 days was granted by the mortgage company (WAMU). I was assisting someone who waited until the 11th hour before requesting assistance.
There is a buyer for the property; I called the Loss Mitigation Department, faxed in an Authorization to Release Information statement from the owner in foreclosure. I pleaded her case and explained a buyer was interested in the home. Now the mortgage broker for the potential buyer and I will continue to work with them on a short sale and hopefully this will help the existing owner avoid the foreclosure on her record.
It is all about persistence--never give up trying! By the way--this will be no money for me--this feels really good though!
In Calif you can just make up old payments till 5days before the sale, or with permission of the lender - up to the day of the sale. Loan them enough to cover the payments, take a second trust deed or second mortgage - secured by the home. Help them reorganize their finances to get caught up.
A Chapter 13 Bankruptcy petition should put the brakes on the scheduled Sheriff's Sale. If your friends can't meet or qualify for the repayment plan, at least they'll have time to structure a Trustee approved preforeclosure sale.
As for their present home? The window before the sale is close and you must have CASH to save your neighbor. As for Illinois, when the courthouse sale occurs, the homeowner NO LONGER owns the home. Do them a favor and consult them on moving. Can you make a deal? Yes, they are tenant buyers, with a down payment and need a place to live soon!
We are very successful after finding tenant/buyers, and so can you! Visualize how you can solve their problem. (in this case, possibly not the foreclosure)
Eric & Rosa
[addsig]
I'd say ditto for a Chapter 7 in terms of putting the breaks as the automatic stay provision would be the same. Of course you can't keep the secured creditor, of which the mortgage lender is one, from seeking relief from stay but it will buy you the necessary time, I'd say at least 30 days, to get your ducks in a row and figure out what to do (short sale, cure the default and take sub2, etc).
Thanks for the input--too much risk for this newbie--i'll pass on this one
Do you know what they owe in back payments? Can you come up with that amount? If so, pay it up and do sub to.
Yesterday, I received final word that a postponement of the Sheriff's Sale of 30 days was granted by the mortgage company (WAMU). I was assisting someone who waited until the 11th hour before requesting assistance.
There is a buyer for the property; I called the Loss Mitigation Department, faxed in an Authorization to Release Information statement from the owner in foreclosure. I pleaded her case and explained a buyer was interested in the home. Now the mortgage broker for the potential buyer and I will continue to work with them on a short sale and hopefully this will help the existing owner avoid the foreclosure on her record.
It is all about persistence--never give up trying! By the way--this will be no money for me--this feels really good though!
In Calif you can just make up old payments till 5days before the sale, or with permission of the lender - up to the day of the sale. Loan them enough to cover the payments, take a second trust deed or second mortgage - secured by the home. Help them reorganize their finances to get caught up.