When my neighbor foreclosed, he got inudated by dozens of
financing offers. Terms were awful: 5-10% above market rate
or huge points/discounts. Our state has a 135-day minimum
foreclosure period, so there was ample time for the
vulture-financers to make offers.

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"air3pt" <air3ptt[at]yahoo.com> wrote:

- quote -

This is a tax forum. Consult a real estate attorney.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Boston, MA 02109

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air3pt wrote:

- quote -

In part it depends on what kind of a trustee is selling the
home.

Assuming the object is to get the trustee paid and that
payment will stop the sale, it depends on the value of the
home. If it's worth at least $50,000 (or perhaps less) you
may well find a loan even if your credit is not perfect.
Contact a good loan broker to determine what your options
are.

Statistically less than half of all loans applied for are
actually approved. Some loan brokers are better, having
nearly all approved because they understand the market and
know many lenders. Find someone who has a good track
record, particularly if time is of the essence.

Stu

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I need help with home foreclosure by a trustee. Trustee
wants to get either $25k or have the house sold. The house
is in my mothers name and she has no job, her husband who
was paying on the house died and she is not able to work due
to her illness. I would like to buy the house, but my credit
is bad. I have a good job and am working to get my debt
down, but still have to take care of my kid as well.

Is there anything I can do to get the house in my name or is
there any type of creative financing which can be done?

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