Private Sale to Primary Buyer to Stop Foreclosure

[Evan Jacobs]

Hello everyone, I would appreciate some insight from you all as I have a family member who is in a bind. I have come to learn that this person is in default on their mortgage and the pre foreclosure process has begun. If my estimations are correct, he owes approximately $190000 on a home that in my local market could potentially command $240-250,000. My wife has an acquaintance who is looking for just about the type of home spoken of above, and she would be a cash buyer upon sale of her home which is on the market. So naturally, my wife asked me if there was a possibility to help both of them and I answered, “I think so!” So I am looking for some advice as to what the process might be if this might be able to happen for them. What would be needed to halt the foreclosure process? What would the bank require? Any and all insight would be great. Thanks BP!!