HELP THIS HARDWORKING FAMILY

This Is Easy!..if we had More info,but...

WHAT do They want out of this?

1. Verify the arrears and ask lender IF they will take lesser amount and re instate loan when arrears paid in full within 14days or so...if Yes proceed #2

2. Match this with your buyers list of L/O, rent to own, fix flips and/or all REI's.

3. What are the rent rates and HOW much repairs involved.

4. Even tho they r behind, you can be creative and be the 'Problem Solver' by finding the right solution and make the win/win /win and HELP them.

If nothing else, find them a place to go to.

Theres 10 SOLUTIONS to situations, but, which one if Right?

Need More info.

thanks Mike ,they r negotiating with the bank with giving them partial owed in back arrears.i already informed them of ways to get out of it such as your advice on lease option or rent to own.and also letting them know i may have something for them but i am trying to help them Keep it first and not familiar with all the available options for them.what about cash for keys? what is that all about and also is there any legislation that relates to forclosures and or other laws recently that could help them in any way ?
thanks for your advice !!!!
jay

Jay,

if the homeowners want to leave the house 'voluntarily' the bank will have them sign the deed to release their interest in the property, and turn in the keys, and in return the bank will give them some 'relocation' money, anywhere starting from $2,000 depending on the amount of mortgage, etc. Homeowners should be aware that 'cash for keys' will still show as a foreclosure on their credit report.

To read about the 'help' that HUD offers for homeowners, you can check their website; it all depends on what kind of loan do they have, (FHA, Fannie Mae, Freddie Mac) how behind they are in their payments, etc.
http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure

One way to stop foreclosure 'temporarily' is to hire a real estate attorney and he/she can file a Ch 11 or Ch 13 (bankruptcy) for homeowners which will buy them time to negotiate with the bank.

Maybe you can help them find a L/O where they can move to, and start fresh. It may make more financial sense to do that than to stay in their current property; however, sometimes the emotional attachment is too strong for homeowners to make that decision and move.

Hope it all works out for them!
Val

thanks Val !!!!