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What's the best course of action facing forclosure


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An acquaintance, who can't get to this board for about the next week, asked for advice.

Moved residences 2 1/2 years ago and has not yet sold old home, been paying both mortgages but now very close to forclosure on the old home, was in mid 700's credit score and no other problems but the mortgage that's in trouble. House is in Michigan - 6 months redemption following sheriff's sale, at least a month of notices before sheriff's sale. Mortgage still held by original lender, whose services rep's have been harrassing and abusive on the phone.

I suggested Deed in Lieu of forclosure negotiation and then deal with credit issues when mortgage issues settled.

Anyone have suggestions, observations etc.?

When in the process would be the best time to begin dealing with the credit aspects?

Thanks

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