Advice on a 2nd position loan workout
I have been working a loan in Georgia for 5 months and the borrower has finally come to terms with the fact that the lien on her property is indeed intact and needs to be addressed. We have filed for foreclosure and the auction is scheduled for the first week in January. She has sent in an initial payment and would like to reinstate her loan by paying $300 per month until the lien is satisfied. The loan had a maturity date of 12/5/16. My question is what is the best course of action on the loan? Her payment plan is adequate for me. I can have the attorney draft up an agreement for repayment and have the loan reset which would probably cost less than having a new loan originated. BP community, what would you do?