Posted by Brent_IL on October 29, 2004 at 14:40:24:
If she hasn’t been making payments on her house, and it isn’t a temporary situation whose root cause has been rectified, she will have to leave, personal wants and desires notwithstanding.
The only applicable question is, “How soon can she vacate to salvage whatever equity she has in the property”?
If there’s no equity, she would be well advised to save the money she isn’t paying the mortgagor for inevitable security deposits and first month rent.
If she does have meaningful equity, selling quickly and stopping the build up in the pay-off amount adds to the cash that remains for her use.
If she goes to foreclosure and/or forcible detainer, many landlords will not rent to her, reducing her chances of finding a good rental unit.
Friends Mom Can’t Make Payments - Posted by EqualProvider
Posted by EqualProvider on October 29, 2004 at 14:16:45:
My friends mother has not been making payments on her home. I would like to help out before she gets foreclosed on. She would probably talk to me if I took more initiative, but I have not b/c I’m not sure what to do. She doesn’t want to leave her house, so is there any way to work it out and still have her be able to stay there? I’m sure this is a very broad question, but I just started on the real estate track not too long ago, I’d really hate to miss this opportunity. If it makes any difference, I’m located in Ohio.
To be absolutely up front and BLUNT…you sound SNEAKY to me…like you are trying to figure out a way to get the property.
BE MAN enough and HONEST enough to tell the friend exactly what you are attempting to do.
You say “help her out”…do you mean get her out of the house or assist her in making payments…sneaky?
My advice would be to leave the situation alone. Have been in this arena for quite some time and have always found that friends and relatives are the WORST situation.
If you get her out of the house (Literally) and she decided to sue…you will probably lose.
If you make her a loan, what makes you think she will pay you if she cannot make payments…again you lose.
Plus, it could be considered usurious and you lose treble damages and your cash.
