I recently was contacted by a prospective client. She is currently in a dilemma and wants to see what options she has available to save her home. She is currently 3 months behind on her mortgage and the bank has advised foreclosure proceedings will begin on the 30th of July (which has come and gone).
The home is located in a well established neighborhood, with that being said dproblem selling the home. But the client wishes to remain living in the home. She is willing to sell the home with the option to do a lease purchase on the home.
Currently the customer has a 1st for 268K and a 2nd for 79k. The home is appraised at 400k. Her monthly payments on the home is $2,450. Which is a big jump from six months ago of 1635. iso inquiring about 5K cash just to catch up on some other bills.
I will be visiting the client today to go further into details about her loan and situation at hand. As I was talking to her I was thinking of a ions that may help her in this situation. One option I came up with was to see if she can get a refi, second to get an investor willing to buy the home from her and to rent it out to her with the option to buy back, and third just to sell the home.
If anyone can please help me out with some information or options. Please feel free to contact me.
Thanking you all in advance!