Posted on: 09th Nov, 2010 03:47 pm
Daughter in financial trouble, husband is co-borrower on FHA loan. Since loan taken out, husband has gone on disability. Daughter transferred to a new job out of state. What is our recourse if any.....house would be sold for maybe $50,000 under what is owed.
Help!
Help!
Hi marm,
Unless the mortgage dues are paid on time, the lender will foreclose the property, In my opinion, your daughter should contact the lender and apply for a loan modification. If the lender agrees to it, then she can get a lower rate and an affordable term period to pay off the mortgage.
Thanks
Unless the mortgage dues are paid on time, the lender will foreclose the property, In my opinion, your daughter should contact the lender and apply for a loan modification. If the lender agrees to it, then she can get a lower rate and an affordable term period to pay off the mortgage.
Thanks