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

Discussion in 'BBS Hangout' started by Outlier, Jan 4, 2016.

  1. Outlier

    Outlier Member

    Mar 25, 2006
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    Hey guys, i was just wondering if you guys knew of any ways I could suggest to my aunt. There are about three months of late payments due, and equity loans taken. All thanks to her great son. It all costs about $7000.

    She wants to keep the house.
    She asked me if i could pay it off.... no, i cant. Too big of a payment. She cried to me on the phone. Heartbreaking.
    She doesnt have a job. Her options are to rent out the rooms.
    She is in the Philippines right now, and only found out whats owed last week. She will be coming back this month.
    She is over 62. I read something about reverse mortgage? Perhaps someone can help enlighten me about this.

    If you guys can help me figure out a way... im just a nephew trying to help out his aunt.
  2. Xerobull

    Xerobull You son of a b!tch! I'm in!
    Supporting Member

    Jun 18, 2003
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    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.
  3. Thefabman

    Thefabman Member

    Nov 14, 2007
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    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.
  4. mig0s

    mig0s Member

    Feb 26, 2008
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    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.
  5. Dairy Ashford

    Dairy Ashford Member

    May 20, 2002
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    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.
  6. Kim

    Kim Contributing Member

    Feb 17, 1999
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    Reverse mortgages are only for houses that have sufficient equity.
  7. ferrari77

    ferrari77 Contributing Member

    Jun 15, 2006
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    $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.

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