[helprhonda]

I am a grad student completing an unpaid summer internship that ends August 2. My house is in foreclosure and schedule to be auction off July 1. I have been receiving letters from investors who are interested in doing a "quick deed sale". I would like to keep the house, especially for my 5 year old son. But right now I have no income coming in. I was considering asking family and friends for the $8K that is owed, since I will have a full-time job by September. I am not sure which direction to take, I only have 2 weeks to decide!
Any suggestions

Help me, Rhonda!

[Fr_Chuck]

Ok, call me crazq but why in the world are you not working a real job that pays you a paycehck instead of working for free somewhere,

Your internship may help your carrerr some, but then a bad credit report showing a foreclosure is going to hurt it a lot more more.

But you should be doing the full time job the last few months and paying your bill,

At this point you need to sell the home ( if it is a real sale) before it is auctioned off ( unless it is already too late)

[lvhomesbymark]

If you can raise the money that's going to be the most quick band-aid to your problem; however, that leaves you with even more debt with no income to pay it as well as having lost some face. If you can't raise the money in time you may wish to see if one of the investors is eyeing your property to buy and lease out to tenants. If so, there may be the possibility, depending on how much equity you have, of selling to him/her with the agreement that you'll be the tenant and negotiate a period of free rent until Sept. Many investors nowadays are looking for arrangements where they buy the property at a discount, rent to the current owners for a period, then sell the property back to them at current market price in the future. The pro is that you'll be able to live there. The con is that you'll lose whatever equity you have and need to re-buy the home from scratch in the future if you want to own again.

[ScottGem]

Anything you can do to avoid foreclosure your should do. But I agree with Chuck, you should have known that the unpaid internship woiuld lead thios and you should have done something else.