There's been many that have responded with various points for you. The point I will make is that the person that is loosing their home needs to take a serious look at why they got into that position. More likely than not, it's not a situation that will improve. The faster that person contacts their bank to work it out, the more options they will have, versus waiting.
If one is not currently delinquent on their home and has made the past six months of mortgage payments on time, there's the Home Affordable Refinance Program, intended for homeowners that owe more than the value of their home.
If the interest rate is high and they need a lower payment, it's best to consult with a mortgage consultant to see what's available.
If that person needs help, I can be reached at 925-349-2179.
Either one will be able to help you. The best thing to do is ask the agent/broker on their experience with foreclosures. If they don't have experience working with foreclosures it would be more beneficial for you to find an agent/broker who does have that experience. There is a lot to look out for when purchasing a foreclosure and that agent needs to be able to know how to look for that and have the right contacts to help you when even doing your inspections prior to purchasing.... more