trustee sale options


Once a there is a trustee sale date set, does the person in trouble have any other options besides just selling it in order to save the house(i.e. still work out something with the lender)?

Howdy Lady Bird-Dog:

There are several options. Refinance, get a loan to bring the payments current or sell other assets or earn enough money. Could also sell on a lease option or contract for deed in some states or a sub2 deal. Most lenders will do a forbearance agreement where they work out something too. The ones I have dealt with want about 25% to 30% of the arrears as a down payment on this arrangement. And there is also Chapter 7 or 13 bankruptcy.