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We want to keep the house but she can't afford the payments she is making now. My mortgage company is playing games with the package for loan modification. It was suppose to have been here a long time ago. We called HUD and they can't help because the loan is not in her name. So, we are really stuck. I think we should just walk away and let them forclose. It will hurt them more than it hurts us.

smithsussane · Posted: Fri Nov 20, 2009 11:54 pm Post subject:

Hi Kay!

Welcome to forums!

It will be difficult for your mother to get a loan modification because the mortgage is not in her name. In my opinion, walking away from the property is a good option because your mother won't be liable for the mortgage dues. Her credit will not be affected as her name is not mentioned in the loan docs.

Feel free to ask if you've further queries.

Sussane

gmakerley · Posted: Sat Nov 21, 2009 12:32 pm Post subject:

i detest the idea of walking away, but that's just me. it smacks of irresponsibility, of a lack of care, and i could probably go on.

i recognize that there are circumstances here that are working to your detriment, and i suppose that your thoughts of walking away are more warranted than in the usual scenarios.

it's just how i feel...hard to get over that.

Guest

I undestand the idea of irresponsiblity. We don't want to walk but we can't get any help because the mortgage is not in her name.

We are trying to sell but she is barely making ends meet (meanwhile the cost of apartments is going up). If we try and sell we STILL have to pay this mortage (that doesn't belong to my mom) unitl we sell. If we can't sell quickly, I think forclosure is the answer.

I don't think you should describe our situation as "a lack of care". We have done everything we can do to maintain the house!! My parents only lived in this house 2 years before my dad was hit by a drunk driver. Most of her insurance money went to this house to pay down the principal (like the mortgage company suggested).

When my father passed we told the mortgage company and they said to go to probate court and everything will "change over" and she could refinance. We did that and they refuse to refinance her. She she had too much debt (which she would have paid down with the insurance money but was told otherwise)

So, it's a sad situation but not irresponsible. Just a mortgage company preying on a widow. So, George if you have any better ideas please share. Seriously...

gmakerley · Posted: Mon Nov 30, 2009 7:52 am Post subject:

i don't have any ideas, and i didn't really say that it was a lack of care, just that it "smacks" of it. for those who don't know what i'm driving at, it's that it simply seems that way, even though i'm quite sure, as you pointed out, that it's not the case. if i offended you, i certainly didn't mean to do so, and i apologize.

as for ideas, i'm afraid i don't have any other than making a strong effort to sell the home to get out from under. if there's sufficient equity, you can sell for less than value and still pay off the mortgage; and by reducing the price, it ought to sell faster. other than that, i acknowledge that it's certainly got to be a major struggle for your mom, and i commiserate with her in that struggle.

for others who are observing...please don't take the advice of a mortgage company as to what to do when there are life insurance proceeds. that's a highly individualized decision to make, and it ought to be in concert with an investment advisor, if one is available. mortgage lenders have no business in that game. had Mom kept a larger portion of the benefit, perhaps things would have worked out easier. we won't know that, but paying down the principal seems to have been a not-so-good idea.

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Dad passed, Mom paying a mortgage that is not hers!!