Whatta Bout 'Post Foreclosure--What Would You Do?
Ok guys.
Sheriff sale has taken place. Bank won the bid.Here in Minnnesota, owner has 6 months to redeem. I have a possible situation where there maybe about $55,000 or so in equity. Owner (former)
is moving out into an apartment. Had micro surgeries on her back last year, fell behind on payments, and needs to move closer to work anyhow . Seems to be throwing in the towel at this point. I am sure would like to have a little $$ and obviously save her credit. Why she waited this long?? We'll never know..What do you do or what would you do? What are all the costs added seeing that the sale has already taken place? (Back payments, lawyers fees, etc.)
Has anyone been in a similiar situation and been successful? Candidate for a short sale? Could she deed me the house and I refi it? Let me hear your suggestions?
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[ Edited by Optimum on Date 10/03/2003 ]
I would have her attach a second loan on the property in your name and then refinance paying off the first lien. Or I would have her walk away from it free and clear, and short sell it to someone as a handymans or to an investor. If it has a lot of equity, you could set it up as a lease to own, but that might take more time than you have.
Good Luck,
Kyle