It may be too late, a good realtor may have helped him a few months ago if there was equity and credit to be saved but he is less than 30 days away from the foreclosure sale of the first and not much time to market, sell and close the deal without a drastically reduced price in search of a cash buyer. My guess is that the lenders won’t be in much of a mood to make a deal if they’ve been ignored for ten months. They don’t really want to foreclose, they just want their money but they have been given no option. R/E attorneys cost money and it doesn’t sound like he has any. If the sale ultimately ends up making both lenders whole and there is some left over he can get it but the problem with Zillow and comps from a few months ago is they are behind in a rapidly declining market and even if someone thinks it is worth a certain amount nothing is selling for than right now.

I was looking at one that went up at 200k below market with 20 days before it foreclosed and it wasn’t a short sale they actually had the equity. I didn’t have enough cash to write a check and apparently nobody else did because the bank took it back and my guess they will list it at just enough to make themselves whole and it will sell in a few days, it’s not their job to make some walking money for the defaulted borrower. I kept asking myself why didn’t they try to sell two months ago, giving buyers time to secure financing because they would have sold it.