Your mother is co-sign on the mortgage ? If yes her credit will now be tanked with foreclosure will drop approx. 50 points, probably all ready damaged due to lack of payment
Have you considered short sale? You need contact lender for that approval
What about leasing the property.
Can anyone bring the mortgage payments current
No professional can render an opinion what another professional may or may not do. Confer with an attorney
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I have been faulted several times on this site for saying folks in bankruptcy, just coming out or have not let it fall off their credit report have no business being allowed to buy a home. I have written several times they need to rent until they develop good financial and credit habits and history.
Folks, here is a great example as to why I have written this over and over. Foreclosure on a home 3 years ago and filed bankruptcy and now here we go again! How in the world did they even get a loan one year past the first bankruptcy?
Sorry, Sales Person, this is nothing personal to you, but sometimes honesty and truth hurts especially in our society of folks only wanted to hear warm fuzzy thoughts. Sorry for your Mom. Your brother should be very familiar with the process. I would have your Mom talk to a real estate attorney NOW. She should have never signed a mortgage with someone one year out of foreclosure and bankruptcy. This is going to be a hard and painful lesson for her. Sorry........