You mean your parents are buying property which has been given to the bank through deed-in-lieu. Ok, let me tell you what's deed in lieu is all about. It's like giving your rights of ownership to the bank when you're not able to pay off the mortgage on the home.
Now, the previous owner has handed over the property to the lender perhaps because he couldn't manage to pay any more. And the bank is now has the ownership rights. Hence you'll have to make the offer to the bank itself.
If you'd like to check out more on deed in lieu, check out the information at http://www.mortgagefit.com/deed-lieu.html . _________________ Procrastination is the enemy of your financial sucess
There are many programs available through HEMAP these days also, have you check them out with your local community action group, they have several that can help you get back on track in life with your mortgage. Your lender is very well aware of these programs also, ask them.
Homeowners' Emergency Mortgage Assistance Program, they have existance in every county, you just have to find them, they are usually at a social service agency, usually community action.
I think I actually know of one here in this community. I believe my mother in law went through it in attempt to save her home. They would pay half of her mortgage as long as she paid the other half. She missed so many of her payments they threw her off the program. It was through iccap I think.
You got it fireyone, you will usually find them at the community action agencies, they will normally get funded through Housing and Urban Development otherwise known as HUD for these programs. For some people they are a blessing in disquise but for some it just prolongs the inevitable, they still end up losing their homes, they are a great thing to have in place, but like many programs they are severly abused too.
Is this another one of those income regulated programs? You never know when someone might need it so I thought I would ask. I know alot of state programs out there for help doesn't include people in the middle class income group.
I don't think that HEMAP goes on income, I think it just goes on weather you can afford to keep the mortgage up once you are caught up or not. It is a federal program.
HEMAP is one of the federal programs that will help those in danger of foreclosure. I don't think that they do go on the income guidelines, I would think that it would make more sense to go on the ability to pay, because if you can't pay once they help you get caught up then why would they sink the money into it, if in the end you will lose it anyway.
It really is nice to see these types of programs. I see the president recently got off his but and startes making help available to people whom need it most but sadly for some I imagine it came a bit late.
adonis
