Foreclosure is...?

  • Thread starter Thread starter Sam P
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Sam P

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I just found out that my dad is going into foreclosure, his house is about $250 , he has stopped making payment and its been almost 4 month without any payment. He borrowed 90% from bank and rest is from his pocket. The house is probably worth below the original purchase price.
Is there any way he can save his house?
 
Foreclosure is like repo for a house. If his house is worth less than he owes it might be best to leave it. It depends how long he has been there and whether there is a good amount of equity from past payments. If it were foreclosed he would have the opportunity to pay it current plus fees within the first year after the foreclosure and get it back.
 
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