Posted on: 09th Aug, 2010 10:15 pm
my mother negotiated with her lender (bac) to modify her loan. they reduced her payment for 4 months (approximately $100) and said when she finished the 4 month term, they would reduce her payments drastically. she had to borrow money to pay note and they sent package with the exact same amount she was already paying. there was not much of a modification and her salary (hrs./week) has been reduced (loss of 7k/year). she is not going to make it and i do not know what to tell her. i do not want her to file a deed in lieu of foreclosure but i am at a loss and i cannot cover the extra. her bills mounted up and she had to max out credit cards to survive during that time. any help would be great.
thanks,
jgo
thanks,
jgo
Hi owens,
Your mother needs to decide whether she wants to sell the property or keep it. If she wants to get rid of the property, then she can go for a deed in lieu of foreclosure. She will not only be able to sell off the property, but she won't be liable for paying the balance dues as well.
If she wants to save the property, then she can re-apply for a modification. She needs to mention her hardship to the lender so that he can reduce her payments further.
Thanks,
Jerry
Your mother needs to decide whether she wants to sell the property or keep it. If she wants to get rid of the property, then she can go for a deed in lieu of foreclosure. She will not only be able to sell off the property, but she won't be liable for paying the balance dues as well.
If she wants to save the property, then she can re-apply for a modification. She needs to mention her hardship to the lender so that he can reduce her payments further.
Thanks,
Jerry