My parents are in Foreclosure

It is hard to give guidance when the only fact presented was that your parents are in foreclosure.

1)How many months behind?
2)Amount of loan?
3)Value of property?
4)Notice of default received?
5)What state is property in?

are just a few of the questions that need answers.

Bill do you think a reverse mortgage could help?

You can check out my site for all kinds of things that can be done before it forecloses. http://www.zionpropertiesandinvestments.com/AVOID-FORECLOSURE-HELP.html. There are many tabs within this site (hover over the 'avoid foreclosure help to see the whole list) of alternative to either keep the home or solutions if they want out of the home.

There's a video, but the DETAILS of what to specifically do are on the website itself. I hope it helps you out!

I will be ready to face my parent with the questions you suggested. My thought were to ask, and then find a way to make connections with the bank and see if they will allow more time on the foreclosure for me to list the property or find an investor. Leaving me to do the role of a short sale (am i right?). This is all too new to me since i was in the military when all of this was taking place. Im sure that the county has already set a date for the auction is there a way to back track this process as well? I'd as their attorney for all this information but it seems my parents are in denial of the whole thing and wont let me get a hold of the attorney.

out the answers to Bill's questions plus is there any equity in the house. You need to know what the FMV of the property is and then you will find out the best route. But it sounds like time is against you so don't wait too long to get answers. Good Luck i dealt with a family in denial and I had to walk away...they ended up losing their house and credit.

You are the child and in their eyes that is all you will ever be. Denial is something you experience when you can not believe what is happening cannot happen to you, and if you ignore it, it will somehow go away. But in this case, you have got to butt in NOW, and get answers to Bills questions NOW. You have some very experienced people waiting to help you, but you have got to get them some details so they can help. Its gotta be done NOW!

Best of luck to you and your parents my friend!

be better for someone else to contact them and try to help them. Steve is right you are the child and don't know as much as they do so sometimes hearing it from a stranger will hit home a little better than from the child. it's just a thought to get them the help they need asap otherwise they will lose everything.

I know Bill and Steve have hit this one on the head.

We have to know MORE about the house and the mortgage and equity in the home.We need numbers.

I also agree that because you are the child, parents would probably be more open to talking to someone else.

Mike

I would also suggest to them to look into a loan modification on their current mortgage. If they have not looked into this I would have them contact their lender to see if a loan modification is a possiblity. It may also put off the forclosure while the bank reviews that option.