| ||||
| All Foreclosure Home Page | Foreclosure Discussion Board | |||
Posted by Jim V on August 01, 2006 at 18:38:18:
In Reply to: Facing foreclosure in San Diego posted by Christian on July 31, 2006 at 15:21:56:
Christian,
I'm guessing your parents actually have title to the home in their names since they were the ones providing the financing. If the investor isn't on the property title, your parents can sell the property, if they need to, prior to the forced sale of the property about four months from now. If the investor has completed some repairs, they'll obviously owe him some percentage from the sale price.
You didn't specify how much repair was needed on the property, how much potential equity is at risk or whether there is a written agreement between the investor and your parents so it's kind of difficult to evaluate the possibilities.
If your parents absolutely cannot pay the past due payments or future payments, refinancing and lender workouts probably aren't viable, so the target should be maximizing the sale price of the property. That might require a different investor's assistance, or it might not, again it's kind of hard to say with the provided information. Bill H's advice about talking to Ward over at ForeclosureForum isn't bad, Ward is based out of San Diego and has a lot of contacts there.
: My parents teamed up with an investor here in San Diego, They agreed to finance a property using their excellent credit, and the investor would be responsible for all the mortgage payments, and whatever repairs were needed.
Now the investor has failed to make two of the payments going on to the third. The bank called and said they will file a NOD on aug 12th.
My parents do not have the money to make up the back payments, or the mortgage payments about 4k a month.
They need help. They investor is not making the payments.
What can I do or we do ?
