Updated almost 10 years ago on . Most recent reply
Paying off Pre Foreclosure
Is it possible to open up an escrow account & deposit the needed funds to pay off a pre-foreclosure debt?
EX: -Homeowner defaults on loan
-They somehow get cash needed to make mortgage current
-They go to title company or attorney & open up escrow
-Escrow takes the sum of money and gives it to mortgage lender
-Payments are now current
Now I'm sure there are other smaller details I might be leaving out but is that possible to do or would the homeowner need to pay the mortgage lender directly instead of using escrow?