Posted on: 10th Sep, 2009 01:13 pm
my mom owes 3 months of mortgage and now she is not able to pay and she wants to leave the house what are the steps to follow
Hi ssortiz,
As she is unable to pay off the mortgage dues, the lender will foreclose the property in order to recover the dues. In my opinion, your mother should speak to the lender and negotiate for a deed in lieu of foreclosure. This will help her in surrendering the property to the lender and sell it off. Moreover, she won't be responsible for the deficient balance. If she walks away from the property, it would be foreclosed upon which means she would be responsible for the deficient amount.
Thanks
As she is unable to pay off the mortgage dues, the lender will foreclose the property in order to recover the dues. In my opinion, your mother should speak to the lender and negotiate for a deed in lieu of foreclosure. This will help her in surrendering the property to the lender and sell it off. Moreover, she won't be responsible for the deficient balance. If she walks away from the property, it would be foreclosed upon which means she would be responsible for the deficient amount.
Thanks
as payment not done lender foreclose property. talk to lender and protect property from foreclosure.