Posted by ryan on April 28, 2001 at 18:04:55:
I can tell you that it is not too late to contact the homeowner. As a matter of fact, it is the best time to follow up. The homeowner knows that the home is headed for auction and is starting to get really motivated(or you hope so atleast). You have up until the house goes to auction to try and put a deal together. As far as the option consideration covbering the arrears, it would depend on how far behind the homeowners are and how much option consideration you received for L/O the home. I do however beleive that using your option consideration money to bring the loan current is not the way you want to go. I have never done this before so I cannot be for sure. You will have to get help from someone else on this. Hope I helped a little.