Posted: Tue Oct 14, 2008 4:57 pm Post subject: Question on re-doing a mortage
My son has a mortage on his condo in S.C. and has this property for about 12 years. His mortage company is all of a sudden requiring him to re-do his mortage. The company is asking for a recent pay stub, which he doesn't have, as he is currently in between jobs. My hubby and I live in Delaware and are trying to help him out so he doesn't lose his condo. Can you tell me if this is something a company can do just like that out of the blue, and why are they all of a sudden requiring he re-do his mortage? I believe he has a variable rate mortage. He has been in between jobs in the past, and the mortage company never knew it, and he has never been late in payments.
If he ignores this problem, and continues to make his monthly payments, what can the mortage company do to him? Can they surprise him in the future and forclose, even if his payments are made? Any suggestions on what me and hubby can do to help him with this problem until he finds employment? Any suggestions will be appreciated.
The lender is asking to re-do the mortgage because the lender is not sure whether your son will be able to pay the mortgage payments in the future. This is because your son is changing his jobs. This is also the reason why the lender has asked for the pay stub. If the payments are made then I don't think the property will be foreclosed. Your son will have to speak to the lender for that. It will be better if he could re-do the loan. May be the lender will offer some easier plans to pay off the mortgage.
Does he have a balloon payment on the loan? If he does then he will need to refinance or pay in full if not he needs to find out why they are requesting this people change jobs all the time as long as he makes the payment that is not the issue? Are you sure it isnt the company just trying to make money off of him by re-writing the loan?
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