Home in Pre-Foreclosure | How can we intervene?!
Hello!
I stumbled across a home in one of the nicest neighborhoods in our hometown. The home is placed in a neighborhood where comparable homes sell for $900K-$1.3 million and it's set to go to auction in a two months for just under $400K.
Upon further investigation we found out the following:
-Owner has been very inconsistent with payments since 2013 at one point he was delinquent $8000.
- Owner filed for tax exemption and for that exemption has to make LESS than $40K a year
- Owner removed a homeowner from mortgage in 2009
-Owner bought the house just under $700K in 1997
-Owner recently made a payment lowering his balance but he still owes
My question is how can we intervene before the home goes to auction? Or if the owner pays in full he still has significant financial issues and will end up in pre-foreclosure again- Is it possible to take over someone's loan? Also- could someone explain the foreclosure process?
Thanks a ton!