Saving home from sheriffs sale

[Ryan Mcleod]

Looking to save a home from Sherriff’s sale. Home is located in Pennsylvania, and schedule for sheriffs sale the end of June. Mortgage Company wants $60,000 in back payments and late fee’s to prevent sheriffs sale. Current home owner has $30,000 to offer and a qualified buyer who will act as cosigner if possible. My question is what kind of options are available here? Will the mortgage company negotiate that $60,000 if $30,000 is brought to the table? Would refinancing with that $30,000 and a qualified cosigner be an option? 

[Alex Deacon]

@Ryan Mcleod we are involved a lot with these types of situations. Sounds like you need to get in touch with the loss mitigation department at the current owners mortgage department and get a sales agreement in place pretty quickly to post pone the sheriffs sale. If it works the same in your part of the state that wont be too difficult. We are in Pittsburgh PA. Get an attorney involved to help post pone the sale and find a real estate agent who can handle the short sale for you and KNOWS the process. Not just any RE agent. If there is equity to save here then its worth the effort. It may be a lot of work and take a long time AND you may get nothing accomplished and lose the deal but it will be a great learning experience for you and you MAY make a nice profit if you are a Little lucky.