Posted: Wed Sep 15, 2010 8:23 am Post subject: Explaining Mortgage Late Payments
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Area: Cleveland, OH
Lender: Unknown
Alright, my girlfriend lives in Cleveland, OH. Her mother has to go in for a surgery in the very near future, and she's concerned about making the mortgage payments. Well, that and other things, but this is a mortgage forum, not a utility forum.
As it stands right now, her and her sister work part time, but even if they pooled all their resources they won't have enough money to pay all the bills. She's scared to death they're going to lose their house.
Now, I know no one's going to pin a foreclosure notice to their house the day after the payment is due. I have a little knowledge of mortgages, but not much because I've never had to directly deal with them myself. That's why I'm here, because I don't want to inadvertantly give her incorrect information. And since I don't know the lender, I'm looking for a more general overview.
I'd like to know how best to explain the situation to her to put her mind at ease. Thank you very much to whoever responds, I greatly appreciate it. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
If the payments are due for around 3 or more months, then the lender can start pre-foreclosure process and send a notice to your girlfriend and her sister. Your girlfriend's mother can apply for a loan modification prior to going for a surgery. If the lender accepts her request for modification, it will reduce the monthly payments which may make it affordable for your girlfriend to pay off the loan. _________________ Procrastination is the enemy of your financial success
Rakuen Guest
Posted: Wed Sep 22, 2010 9:40 am Post subject:
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Thank you very much for the information, it helped! :]
Mortgage Forums 
adonis
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