The first question is to look at the documents you received to see how much is owed on the property. They review your mortgage and see if there is any equity in the property. If there is equity you will want to work fast and get with an attoney to see how you can stop the foreclosure. If there is no equity, there will not be as much of a rush. You will want to check with the attorney to see what your options are and if there is a way to reserve deficiency rights (if the borrower has assets or ability to pay off some of the debt).
Wish you luck but you will need a professional to assist you in this either way.
First Weber Group
Certifed Distress Property Expert
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