Being behind on 2 mortgage payments for 4 months?

destiny_984 · Joined: 21 Jul 2007 Posts: 1 1.43 Dollars($)

My mother-in-law to be is in trouble and needs help. She is stuck paying 2 mortgages and is behind 4 months on payments. She is required to go to court because she hasn't been making payments. What can she do so she doesn't lose both homes?

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Your mother in law should request the mortgage company about some of the loss mitigation options which can be used to bring the loan current.

And if she has requested the same what the mortgage company is saying?

Miller

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

You can go through this page to know more about the loss mitigation options that your mother in law should discuss with the lender to save the houses from going into foreclosure - http://www.mortgagefit.com/loss-mitigation.html

As she is going through financial hardship lender would try to work out a payment plan which she can continue and bring the loans out of default.

Guest 0.10 Dollars($)

She can request lender to step up a new repayment plan so that the payments could be affordable for her.

It is one of the loss mitigation options which lenders sometimes accept to help borrower continue the mortgage payments.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Destiny,

If your would be mother-in-law is facing great problems in paying off the two mortgages, then she should immediately talk to the lender and ask him for some alternative re-payment plan to help her get out of this intense situation. Nowadays, there are many loss mitigation plans available with the lenders. I am sure she will certainly get some help from the lender.

evolovik26 · Posted: Thu Aug 16, 2007 9:03 pm Post subject:

She can do one of following things

1) Put houses up for sale and attempt to sell them
( in todays market she will likely not get fair price but something is better then nothing )
or
2) get a foreclosure bailout loan if there is alot of equity in the homes
(expect high interest rates and high loan payments )
or
3) to keep the houses she will have to pay the past due ammounts in full
with being 4 months behind i doubt she has the money and her credit is likely shot
Someone will have to help her or she is losing he homes.
Lender is not likely to keep a default loan longer then they have to.

Samantha · Posted: Fri Aug 17, 2007 4:53 am Post subject: RE: loan default

Hi Evolovik,

This is Samantha here, the moderator of this forum. It's nice to have you here. And, thanks for sharing your valuable knoweldge with our community.

Well Evolovik, I would agree with you - the lender will not keep a default loan for a long time. Not at all. And, yes, someone needs to help her with finances but I am doubtful as to whether she is likely to default on both mortgages.

Well, Destiny, on which mortgage are you likely to default - the first or the second or both. And, why are you required to go to court, i mean has the lender called for a foreclosure?

May god bless Destiny overcome this situation

Samantha

evolovik26 · Posted: Fri Aug 17, 2007 11:27 am Post subject:

Oh i was under impression there were 2 properties but if it is one property then your first mortgage should be of primary consern since the second mortgage cannot initiate foreclosure. If notice of default was sent ( i assume it was) she will have to pay entire past due balance and bring the 1st mortgage current. If both mortgages with same lender you still facing foreclosure. Basically in order to keep the house you need to pay for it.
Thank you for your kind welcome Samantha.

Guest 0.10 Dollars($)

evolovik26 · Posted: Mon Aug 20, 2007 1:38 pm Post subject:

In that case refer to my first post. One othere thing that can be done is to sell one and keep the other. Or if you cant sell then she can continue paying on one and foreclose/deed in lieu/ rent ect the other one.

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