Updated almost 6 years ago on . Most recent reply
Need advice: Reinstate a Foreclosure with little to no equity?
I need some advice about whether or not to reinstate a house we have under contract or let it go to auction. We have a line of credit that would allow us to pay the reinstatement and essentially keep the house as a subject to in the hopes of owner financing. We are hesitant in the fact that it poses a lot of risk by tying up our line of credit for a significant amount of time if we can't get a decent down payment for the owner finance within 6 months. The foreclosure sale is Tuesday, February 4th so we have to make a decision pretty quickly.