|
I showed a close friend of mine this course the other day because we always discussed going into business together. He confided in me that they just begun the forclosure process againest his home. He asked me to look at this course and see if I could come up with some sort of solution. I have some ideas but I just started this course and am very unsure how to direct him. I know his house is worth at least $225,000 and that might be a low estimate, similar properties in the neighborhood are selling for slightly higher. He owes roughly $125,000 with a $1,500 mortgage payment, up about $400 from when he moved into the house 3 or 4 years ago. So he has a nice amount of equity. I suggested that maybe a family member purchase his property for the balance of the mortgage at a fixed rate resulting in a lower and more manageable payment and then lease it back to him with an option to buy when he gets his finances in order. I would do it but I currently don't have the power to obtain a mortgage. He dosen't want to get his family involved just yet so he said no to this option. I know his family would help him but I assume he has to much pride. If anyone has any advice it would be greatly appreciated. He is open to any ideas because he dosen't want to declare bankruptcy. Any opinions on how to direct him please respond. In the meantime I'm going to keep pushing my idea on him, or at the very least have him get his family involved. Thank you.
|
