My question involves a mortgage in the state of: California
I have a friend who dropped the ball in a major way. I don't understand how it has gotten to this point without him doing anything about it, but he just received a notice of trustee sale which is to happen sometime in the middle of next month - only 3 weeks from now.
He lost his job over a year ago and stopped making his payments but only owes a little over 100K on his loan. He actually has about 350K in equity so isn't there something he can do? Can somebody tell me what options he has other than losing it all at the sale? Can he get a refinance option based on his equity or a collateral loan or something like that? I'm clueless when it comes to anything concerning real estate, so I was hoping the kind folks of expertlaw might be able to give me a few ideas to toss his way?
Thanks in advance
I have a friend who dropped the ball in a major way. I don't understand how it has gotten to this point without him doing anything about it, but he just received a notice of trustee sale which is to happen sometime in the middle of next month - only 3 weeks from now.
He lost his job over a year ago and stopped making his payments but only owes a little over 100K on his loan. He actually has about 350K in equity so isn't there something he can do? Can somebody tell me what options he has other than losing it all at the sale? Can he get a refinance option based on his equity or a collateral loan or something like that? I'm clueless when it comes to anything concerning real estate, so I was hoping the kind folks of expertlaw might be able to give me a few ideas to toss his way?
Thanks in advance
Foreclosure: Have Equity in Home, Yet Foreclosure Imminent
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