Foreclosure in 8 days - Can I help this seller?

[Stephanie T.]

A homeowner called me today and says that auction has been scheduled next Tuesday, September 7.

Here's the scoop:

$92000 (includes $14K in arrears, bank and attorney fees)
Delinquent HOA $1000
Delinquent Property Taxes $2100
Delinquent water bill $1,200

Comps aren't really strong...could probably sell for around $100K.

Is there anything I could do for this homeowner. I'm thinking subject 2 or short sale. I don't fully understand lease buybacks so I'm nervous about that. Don't want to put her in a worse situation. Thoughts, anyone?

Thanks!

[Don Konipol]

Bankruptcy or a Temporary restraining order will postpone the foreclosure sale, but what's the point?

I see too many people go crazy trying to avoid foreclosure, but if your credits already shot, so what? The house has no equity in it - they need to move on.

You need to decide upfront if your an investor or a social worker, trying to do both does not work. If a deal has no profit in it move on.