Ok,Im new to doing any type of renovation work (1 year),and very little knowledge about mortgage and forclosure,but a friend of mine is behind on his mortgage,and his house is going to be forclosed on very soon.I dont know the exact numbers or time,but hes at the point he dont think it can be saved...but,We have alot of materials to pretty much renovate the whole house,install a hot tub,complete landscaping,and turn the big basement into an apartment itself,including cabinents,sinks,bathroom, add a bedroom,everything....would all that help increase the value,take money off what he owes,or help in anyway whatsoever,to catch up on what is owed by increasing the value of the house? maybe possibly enough to stop him from getting forclosed on?..any advice on input would be appreciated.
No, renovating the property won't help at all as far as stopping the foreclosure. It might increase the property value which might result in someone buying it at the sheriff sale for enough to fully satisfy the lender and possibly leave money left over for your friend. But even that is doubtful, since properties sell for fire sale prices at auction, if they sell at all.
What will stop the foreclosure is money. Pay the lender the amount they want. Usually back payments along with late fees and legal fees to cover whatever they have already spent starting the foreclosure process.
Doing work on the property at this point is a waste of time and materials.