Loan to avoid foreclosure

[Allwin Simanjuntak]

Hello BP,

I just received a message from one of the yellow letters I mailed. This person is looking for a loan to avoid foreclosure because he wants to keep his property instead of selling it. He's willing to pay bi-weekly payments and also pay the interest.

What do you usually tell the person with this kind of situation?

Thanks,

Allwin

[Roy N.]

Good luck!  

They are most likely in denial that the most reasonable - or, perhaps, only - real option available to them is to sell.

They are in foreclosure?  Why would they think the solution is to borrow more money if they cannot service the debt they already have?   

Why would anyone lend them more money at this point?