Posted by Mike Daly (Atlanta) on June 28, 2002 at 07:27:04:
Has the house appreciated much since he bought it? You need to find out what’s it worth now.
You could contact the lender to see if they will consider a short sale – you’ll need a release/authorization from your friend to do this. Check the archives for more info on short sales.
If the house has appreciated a lot, you could put it under contract and try to flip it to an investor. If it’s a good enough deal, it shouldn’t be too hard to find someone to flip it to by the 23rd and get an assignment fee out of it.