Upcoming Foreclosure

Hi I hope this helps..

Once the house is in foreclosure the bank now owns it...
They will put it up for short sale if it don't sale then it can
Become a REO... If you can reach the bank and try to keep a close
Eye on it maybe you can buy it back for pennies on the dollar..
Because the bank don't want the house really...if you can buy it
By short sale or REO that will be good... See if your credit is good or you can get
A private lender to help you... If you do get the house back you can
Become your stepson landlord until he is able to buy it back or
You can do a lease option... I'm still new to this I'm reading profit
From real estate right now that book is great it is very informative
On situation like yours....

Good luck...

ps if I'm wrong someone will correct me which is good because you will get
More idea's on what to do...

Teescott

If you want to stop the foreclosure process you will have to pay the missed mortgage payments and any legal fees owed. If you want your son to stay in the house or sell the house you will have to bring the mortgage current and determine how it will stay current or you will be right back in the same situation in a few months.
Here are some questions you need to answer and we can provide better advise on what to do in your specific situation.

Does the house have any equity?
How much will it take to bring you current?
Is the mortgage more than the house is worth?
Does the house need any re hab or remodel?
How much time do you have before the auction date?

That will give us an idea on what you could do. I'm sure you will get a lot of suggestions once you give us specific information on the property in question.

Michael Mangham
MD Home Acquisitions LLC