Just found out my sisters house is in forclosure is there anything we can do to help?

Delinda
Is there a way out for her and her husband, or once it is being forclosed on are they screwed? They are young and have only been married a year- refinanced on a 100% financed loan and the payments were very high. Can we help her? How?

Barrie
They can call their Lender and see if they can make payments, they may need to re-affirm the loan with them. What this means, is they make a higher payment to the Lender, to play catch up. If the lender will not re-affirm the loan, they may need to borrow the money to pay the payments current. Or do a short sale, where they are willing to take a loss, if they have a buyer for the property. Have they already gone to court? Have they received their NOD paperwork yet - Notice Of Default?

Fe
Well, if they did 100% financing and allready refinanced... there is nothing you can do, ... UNLESS they have some equity in thier home. Typically a 30% increase would be more than fine. Then you have to find a private money lender but they typically stop foreclosure but with a high price tag. Whatever the new loan amount is times 5 % plus they will chatge them a 10% interest rate on top of that. They are now considered a high risk borrower. I would not do that. I would contact a LOCAL realtor, one that is familiar with the area and see if they can sell it fast. That money would help them to put a large deposit for a new apartment.