The house is going to be auctioned, how can I keep the house?
In the previous article, we talked about how to save the foreclosure house, and through a series of actions, we can minimize the loss of the foreclosure house.
But more fans left messages: It's about to be filmed, and it's too late to take circumventions, what should I do?
There is the same way: the simplest is to find a family member to take a picture. For example: parents, siblings, or children to participate in the auction. This is in accordance with the law, because being sued and enforced are all led by the court, and the purpose is to settle the debt and close the case, right? As long as it is a person with civil capacity, it does not matter who takes it away.
For example: a house worth 1.5 million, the auction transaction is expected to be 20% off, it is only 1.2 million, and you have to lose 300,000, right?
Then, let other people in the family take pictures, and you won't lose the 300,000. Assuming your debt is $800,000, this option is a good fit.
Because after the court has executed, in addition to repaying the arrears, interest and penalty interest, attorney fees, miscellaneous fees, and penalty interest, there will be more than 200,000 left, which will be returned to you!
Result: You and your family continue to live in your own house, but someone else is paying off the bank mortgageAnd you have at least $200,000 in cash left, which can temporarily ease the family's financial constraints.
The process is simple to say, but the actual operation is not easy. We've also helped with the original home. Among them, there will be many issues such as the initial margin and down payment, bank mortgage loans, credit investigation, personal income, etc., and there are many places that need to be paid attention to.
With the current legal auction**, it is no problem to keep the house normally.