Subject Two Question

[Wanda Alderfer]

I have an opportunity to help my sister who just received a letter that her house will be going to Sherriff's Sale. We are in PA. My question is: Can the sub 2 method still be used when it has gotten that far? I will be meeting with her today to get all the numbers, but I'm not sure if Sherriff Sale is after or before a foreclosure process. To do this method, would a title company handle it all, or would I need to print paperwork and draw up sales forms myself? I read that this is a great way to do it and simple, but I'm not all that familiar with how to do it and I really don't want to see her credit ruined. I believe they own more than the house is worth.

[John Teachout]

If the house is going to a sheriff sale, the foreclosure process is well under way as is the damage to her credit. You will need to act quickly if your goal is to retain the property. These procedures usually take many months of non payment to get to this point so keep that in mind moving forward as you don't want to be sucked down in the whirlpool created by the sinking ship.