|
Pay the pymts up to date and then get it on the market yourself if she cant afford it.
How much does she owe vs. how much is it worth?
It's likely going to be a few month process to foreclose. The bank will wANT to foreclose if she has any amount of equity. Otherwise, it's hit or miss. Bottom line though, if they dont get some $$ quick, expect it to happen.
By foreclosing, the house will be sold at a public auction. She liekly has 6 more months or more til that point. There will be a series of papers that need to be filed etc before that point. Her credit will take a huge hit if it goes thru foreclosre, and it likely already HAS if she isnt paying on time.Say she owes the bank 100k, but it sells at auction for 80k. Guess who owes the bank 20k! In that case, though, the bank will probably bid it up to what is owed so they get it.
Where are you located? If you email me offline, I might be able to get you in touch with people who deal with this all the time.
Bottom line: Find out what your mom needs/can afford, and work a solution from there
|