OfflineHello All,
I attempted some time ago to help a friend with a loan mod. The mortgage company declined b/c the income to debt ratio was too high. I was able to get the foreclosure date extended.
Now, I really need a short sale ASAP or a buyer. I currently have no means to fund it and the A-B-C closing doesn't work if I do not have an end buyer. I have no clue what direction to go in now. The foreclosure date that the bank has on file is for this week. So, I'm not sure how long the process is after that. I assume it is just a matter of when it goes to the Sheriff's Sale.
Any suggestions or ideas?
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"You were born as an Answer to a Problem"
Have the Friend Quit claim deed the property to you. This will stop foreclosure again because the property has changed hands and you have not been severed with notice. As the new owner you can negotiate with the bank on bring the loan current and giving you more time to find a buyer