Updated over 7 years ago on . Most recent reply
Pre Foreclosure, stalled by BK
Good morning!
I am trying to figure out what the best thing to do for a friend is in the situation outlined below:
Home Value $570k
owed 1st mort $496k (current loan was modified and principal reduction completed for $100k reallocated in form of balloon payment at end of loan term)
no 2nd
arrears $30k
In process of going through bankruptcy, however, want to complete a lease with option to buy. The fear is that there is a trustee assigned and 3 other debts included in the NO. We have permission from homeowner to be placed on title to assure our ability to purchase.
Would it make sense to negotiate with the lender direct as opposed to letting trustee work with them? Can we remove the home from the BK?
Most Popular Reply
@Andy Mirza One of the Making Home Affordable programs... 2MP or something similar. Anyway I've seen this at least 20 times. The borrower is clueless that they have an open 2nd.
- Tom Gimer
