(QUESTIONS) Aunt's mortgage help, close to foreclosure

She should go to the bank and see if she can work something out. I had a friend who got his bank to drop his interest to 1.5%.

It would also help if you guys can remove your feelings from the equation.

 

My folks got behind 5 months one time. I called the bank and asked them to split those 5 payments and spread them out over the next 8 months added on to the monthly payment. The monthly payment was a little over a thousand extra per month but it was manageable and they didnt have to worry about foreclosure. Don't know if banks regularly do this tho. Might be worth looking into.

 

she doesn't have $700 to pay her mortgage but can travel to the Philippines?

anyways, ask her to call the bank and make arrangements.

 

If she doesn't reside in the house and it's in good condition, she might be able to get a hard money loan under the guise of developing it for rental. The value of the property and prospective rental income incentivizes those types of lenders to be forgiving about credit quality from approval if not rate standpoint. Of course with extra mortgages this is probably a trickier situation.

 

Reverse mortgages are only for houses that have sufficient equity.

 

$7000 not $700 boss. Gotsta read more carefully.

I'm sure a ticket to the Phillipines doesn't cost $7k plus, even though it wasn't clear, I'm guessing the son was in charge of paying the mortgage and didn't. Maybe OP can elaborate some more.

Anyway OP, as someone said, she just needs to call the bank/loan servicing company and get someone there to agree to a payment arrangement whereby she pays about a month and a half in the mortgage payment each month probably for the next 6 months or even 12 months.
3 months isn't that bad to them. Trust me, I bet they make arrangements for people 6, 12 even more than a year behind in mortgage payments.