Foreclosure?
Question:
Hire a good real estate attorney and he or she will keep you out of trouble and within the law. You may need an appraisal or at least a CMA from a real estate agent to determine value, but you and the buyer will be best served by using an attorney.
You can sell it to a friend on land contract until the arrears is made up. The problem is two fold - if the friend doesn't keep up payments on the land contract you are back in foreclosure, maybe even worse.
The second thing is a land contract doesn't effect the foreclosure. So if there is not enough to make the bank happy to stop the foreclosure, the party doing the purchase by LC can loses everything when the seller's bank forecloses.
So, it is possible, but it is extremely risky thing to do for both the buyer and the seller. You need to make sure that all parties of the transaction have checked and double checked the numbers to make sure everyuthing is good. Also, get a real estate lawyer involved, because the slightest mistake on the paperwork on something like this can have disastrous consequences.
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