Property in Pre-Foreclosure with an ARM

[Gordie Prescott]

Hello all,

I was contacted just recently by a seller whose home has the following challenges: 

• In pre-foreclosure
• Has not paid the mortgage in 2 years
• Rented the property and was not eligible for refinance as a homeowner
• Has an adjustable rate mortgage
• Taxes have been paid by the mortgage company for the past 2 years

Is there any hope for this property? 

Thanks all!

[Wayne Brooks]

An idea of the equity would be helpful.