Foreclosure and seller financing?

[Tom Sylvester]

I have a Realtor who send me daily listings of foreclosures. On one of the descriptions, it said seller financing available. How does this work if the property is already in foreclosure?

[Eric M.]

We can agree to disagree. We don't know the exact situations people are in, but no one is offering seller financing unless they have real equity (20%+). (or unless it is just a Raltor trick to generate interest in the listing)

And even today, with a low FICO and no job. You can refi if you have 20%+ equity. You might not love the rate, but you can do it. And you would do it to stop a FC.

Subprime as we know it may have disappeared but subprime people can still get loans from many sources. Only lenders who packaged and sold their loans are stuck right now. Lenders like Credit Unions and others who hold their own paper are still in the subprime business.