Create a second to stop foreclosure?

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Posted by John on October 26, 2004 at 17:30:21:
There is a lady that has a house worth $155k that will be sold November 9th at the county courthouse.
She owes 27k in arrears and has had trouble in the past with working out forebearance plans. The 1st mortgage is at 99k.
She would like to borrow 25-30k to get her 1st mortgage paid up to date and stop foreclosure.
Is it possible to create a 2nd note on this property? If so, what would be the conditions of the note, ie. rate, term, etc.
She is very flexible and has mentioned that she would be OK with a 20% interest rate, pre-payment penalty, as short as a 2 year term.
Her FICO is 534 and she will have had 2 years at the same job by January 2005.
- Thanks

Follow Ups:

Careful-smacks of usury John Merchant 15:13:18 01/01/05 (0)

Don't create a 2nd lien...create a WRAP Michael Morrongiello 18:48:14 10/28/04 (0)

Re: Create a second to stop foreclosure? Andrew 18:46:14 10/26/04 (1)

Re: Create a second to stop foreclosure? John 19:02:01 10/26/04 (0)

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