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Updated about 17 years ago on . Most recent reply

User Stats

265
Posts
41
Votes
Edwin De leon
  • Investor
  • bronx, NY
41
Votes |
265
Posts

1 family florida pre-foreclosure questions

Edwin De leon
  • Investor
  • bronx, NY
Posted

Scenario:

1 family home in pre-foreclosure in florida behind 4 months!

Questions:

1) What could be done to slow down the foreclosure process in florida egally and give him time to catch up maybe

2) What new programs are being offered by the government for people like him that are in pre-forclosure

3) Someone has offered to do a short sale that he could stay in the house and find someone to buy the house at a lower cost that he trusts and then have title transfered back to him later on...pros and cons of this type of arrangement and what questions should he be asking the person who want to do the short sale.

4) Can he refinance the property if he is pre-foreclosure 3 going on 4 months behind bought house for $170k owes $146 mortgage $1500 monthly, if so what could be done and how

5) Has someone willing to help out he knows personally that he could sell the house too who is close friend of the family and the person is willing to to put house in their name and then later sell and transfer to title back to him.

6) How does florida operate with pre-foreclosure properties how long do they give homeowners to solve behind payments or rather before the bank comes in and puts padlock on door of home.

What are the pros and cons here. What questions and precautions should he take here not to get hurt in the future if everything will be in their friends name.

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