Posted on: 17th Feb, 2010 10:13 pm
Ok, here's my first question.
I've been living in my parents single wide mobile home since thay bought it in 2001. I have been faithfully making the mortgage payments from my own checking account since day one, under my name. (I am NOT on their mortgage). I have recently gone through bankruptcy (Chapter 7, June of 2009). My parents are now 85, and in poor health.
A.) After my parents are gone, can I contact the lender and offer to take over the mortgage?
b.) if I can, do I have any leveraging power to make a deal, say lower payments and/or reduced number of payments?
c.) what is the consequences of just walking away from the home?
We've tried to sell it, but no luck with it on the market for two years. My market has been drastically hit, which is why i hope to gain a deal with the lenders because of the amount of foreclosures in the area.
I would like to stay there, but for a lower mortgage rate. It needs a new roof and a/c system.
Please let me know what my options are.
Much thanks in advance.
Don
I've been living in my parents single wide mobile home since thay bought it in 2001. I have been faithfully making the mortgage payments from my own checking account since day one, under my name. (I am NOT on their mortgage). I have recently gone through bankruptcy (Chapter 7, June of 2009). My parents are now 85, and in poor health.
A.) After my parents are gone, can I contact the lender and offer to take over the mortgage?
b.) if I can, do I have any leveraging power to make a deal, say lower payments and/or reduced number of payments?
c.) what is the consequences of just walking away from the home?
We've tried to sell it, but no luck with it on the market for two years. My market has been drastically hit, which is why i hope to gain a deal with the lenders because of the amount of foreclosures in the area.
I would like to stay there, but for a lower mortgage rate. It needs a new roof and a/c system.
Please let me know what my options are.
Much thanks in advance.
Don
hi dcostanz,
as you've filed chapter 7 in 2009, you will be able to get a fha mortgage after 2 years of discharge and a conventional loan after 4 years of discharge. as you refinance the loan you would get the rates and terms that is prevailing in the market during that time.
as your name is not on the mortgage or on the property deed, you won't be affected if you walk away from the property. if the lender does not receive the dues on time, he would foreclose the property and recover his dues.
thanks
as you've filed chapter 7 in 2009, you will be able to get a fha mortgage after 2 years of discharge and a conventional loan after 4 years of discharge. as you refinance the loan you would get the rates and terms that is prevailing in the market during that time.
as your name is not on the mortgage or on the property deed, you won't be affected if you walk away from the property. if the lender does not receive the dues on time, he would foreclose the property and recover his dues.
thanks