Since you did not tell me in what state you are located, I can only talk in generalities. Be aware that with the buyer having 0% equity, the odds of a foreclosure is very high. Thats why banks or second mortgage lenders charge an extra high interest rate.
Since you did not tell me in what state you are located, I can only talk in generalities. Be aware that with the buyer having 0% equity, the odds of a foreclosure is very high. That’s why banks or second mortgage lenders charge an extra high interest rate. By the way, I strong suggest you do the same . . . unless you are more desperate to sell than the buyer is in buying. But be prepared to have to foreclose. There is a period of time (again, not knowing your state) that you file a notice of default and then you have to wait until the buyer has a period of redemption which can be anywhere from five days to a year, depending on the state. I strongly suggest you talk to a real estate attorney to better understand the foreclosure process in your state. Also, you are IN SECOND POSITION for payment from any equity in the foreclosure sale. Gee, Debra, there is so much more you need to know what to do in advance so that you having to foreclose is minimized. If you will send me additional info
