Hi everyone,I have a situation here so if you could please help me
My father in law has his home foreclosed and he probably owe $25000 not including of course foreclosure fees.the house next door sold for $100000.the house needs about $10000 for repairs but he has no money and I feel like I have to take action .So please can someone tells me what I need to do to benefit both of us. god bless.
Be a bit more specific.
Is the 25,000 his mortgage or arreages?
How long in foreclosure?
When is foreclosure to take place?
Is bankruptcy a consideration?
What do your REALLY want to do?
What are your options to assist?
Mortgage 25000 ,being foreclosure for over 6 month.I would like to flip it.thanks
Flip your father-in-law’s home? I am assuming that he wants to sell. If he is willing to live somewhere else - perhaps somewhere cheaper - then why not FSBO the property. The value of the property rightfully belongs to your father-in-law, you have to ask yourself if you want to do something kind and thoughtful or our out to get “your share” of the profits. IMO - he should rightfully get the market value. If you find the buyer, you should have a right to what would be the “real estate agent’s” commission.
If he wants to stay in the house, he could sell the home to you for the price of the loan. You could give him a life lease. One option is to have him pay rent (what he could afford, perhaps qualify for Section 8 or other federal help). Another option is to let him stay there for the price of the expenses. Down the road you get or “inherit” a home for only $25k.
It’s really hard to accept foreclosures. The foreclosure process in the United States should be speeded up to release much needed properties onto the market which is suffering from a lack of supply, according to real estate data firm RealtyTrack.
AnabellaB, you have a point if you look at it from solely an investor’s point of view. Remember, however, that a foreclosure represents the loss of a home for a family. Regardless of the reasons that caused the foreclosure (whether it be bad financial decisions, loss of a job or a serious health problem), losing a home to a bank foreclosure should not be a quick turn around. Homeowner’s should be given a reasonable (emphasis on reasonable) amount of time to reclaim their home.
Agree, once home is losing to a bank foreclosure should not be a quick turn around. It’s a takes lengthy process. I hope real estate agent’s helps you because they known about procedure how to recover it.