Helping A Freind From Forclosure.....?
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Also, you can negotiate directly with the lender with her permission (try a three way call) to buy her some time. Tell them that you will take over the payments and provide a long term solution by refinancing the property into your name.
Best of luck.
Helping A Freind From Forclosure.....?what state are you in, I know of a program at Wells Fargo Bank that could help you.
Helping A Freind From Forclosure.....?You know they say NEVER mix those two words together don't you??..I am not kidding!!..BIG mistake!!..But if you must simply pay what she owes for her to catch her up or buy the house from her..Call the title company, call a local lender (Countrywide or Wells Fargo) and buy the house from her for what she owes and then she can NOT make those payments either and you can have have lousy credit too....I am truly sorry!..This is a very bad position for you to be in ..Why not help her out by giving her a place to stay (with you) when the bank kicks her out? Instead of risking your credit for her!..It is so NOT worth it!..Good Luck in whatever you choose to do..ss
Helping A Freind From Forclosure.....?You can enter into a property sale; once the papers are signed the foreclosure is Noll&void the new mortgage is in your name, and the property is in your name. The agreement you come to with your friend, is up to you. Do not spread this information around until all the papers are sign. (Caution due to the property becoming rental the bank may not write as large a mortgage on it as an owner occupied property).
This is do-able, but you need someone to sit face to face with you as you accomplish this. You could have your friend exercute a second mortgage/home equity loan on the property with you as the person giving the money. The funds you can borrow at an institution and pay directly to the company trying to foreclose. This stops the foreclosure and creates a pay back path for your friend. This note will always be in second position to the first mortgage.
If your friend refinances in the future you will be given the money in full, just pay off the loan you took out to permit this to occur.
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