I have 4 people who have called. They are looking for any help to avoid a foreclosure. They have no equity. They have new homes or have been in them only a year or two. So there is not a bunch of repairs that would be conducive to a short sale. Properties are high end, so the cashflow would be negative. Auction is on the first tuesday of February, so there is not much time. I heard of something called a “cash for keys”. I think that’s where a lender gives you cash and takes the deed in lieu of foreclosure. I am not sure. I just want to help. I feel bad for these people looking at me to buy the house, but that’s not possible.
I hope I did the right thing. I have been searching for answers to their problems. I found the number of a local church that works with foreclosure/rent/utility assistance for 2 of the people(west Houston). It looks like they will be unable to avoid the inevitable though because of their income problems. The 3rd and 4th loans are an FHA loan. I will tell them to ask the lender to do a partial claim with HUD to get money to bring the loan current and will give them the number to HUD. I don’t know if there is enough time for a partial claim. I gave them the phone number to find a HUD-approved counseling agency that I found on the FHA website. It lists ACORN and community development organizations for our area. They were also provided the number to county social services. In case, they need to move quickly and need shelter. If I could only get to them earlier, then a l/o, SS, or workout would be more vialable.
How much time do they need? I work with a 21 day window in ST Louis…there might be much more time than you think…Maybe it’s not too late.
Regards,
Dave