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Mortgage take over

Posted on: 17th Nov, 2006 08:59 am
I am in between a rock and a hard place with renter and a mortgage. I was laid off my job in August. I need to know if HUD will take over the note for me?
Hi,

Layoff is really is a very difficult situation for any person, as it suddenly breaks all your financial plans and I feel really sorry for you.

You should get in touch with the lender and explain your situation. There are many options available for you if you are not in a position to continue with the monthly payments.

You can consider availing Loss Mitigation services provided by lenders to those who cannot keep up with the payments and are hence likely to get a notice of foreclosure from the lender.

Colin
Posted on: 17th Nov, 2006 10:09 am
I spoke to my lender and she stated that there was nothing we can do for me. I believe this lady just doesn't want to help me because i told her awhile back that I thought she was rude and that was not necessary because i was not rude to her and i wanted to speak to someone else. If i had a chance she would not make it happen. However, i do have a meeting with Spanish Coalition for December 5th and they are suppose to try to work a plan for me. What do you think?
Posted on: 17th Nov, 2006 12:41 pm
Hi,

The Spanish Coalition for Housing is certified by HUD for providing counseling and they provide foreclosure prevention counseling.

As the lady is not very co-operative, Spanish Coalition will help to resolve the problem on your behalf. You should attend the meeting on 5th.

Colin
Posted on: 17th Nov, 2006 01:04 pm
Hi Blovets,

I don't think HUD will take over the note. You will rather have to repay the loan even though you have suffered a layoff. I feel you should consider other resources that are available to you for paying off the mortgage.

It's time to review your spending habits and find out where you can curtail your expenses. If you have a lot of other debts, think about approaching a credit counseling agency for suggestions on how to get out of debt sooner. If you still feel that you will not be able to carry on with the loan payments, do contact the lender asap.

Thanks,

Caron.
Posted on: 19th Nov, 2006 09:18 pm
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