Can my grandma's house be saved?

Discussion in Mortgage & House Payments started by writer811 • Aug 9, 2012.

  1. writer811

    writer811Active Member

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    My grandma has been in debt for years and last year the bank froze her mortgage payments. She was just given a notice by the sheriff, she had to move out by november. Is there anything I can do or anything she can do to help her keep The House?
     
  2. dissn_it

    dissn_itActive Member

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    That is so sad. Can she refinance or get some type of arrangement with the bank at all? I would think the bank would not want another foreclosed property on their hands and may try to work something out with her instead. Try to find out from the bank exactly what it would take to prevent that from happening. If they are not willing to budge, see if she can refinance it through somewhere else like a mortgage broker.
     
  3. writer811

    writer811Active Member

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    I don't think that will work with the bank, as they are a small one and likely don't have many foreclosed properties on their hands. I'll see if refinancing is an option. Thank you for your thoughts.
     
  4. mountainside

    mountainsideActive Member

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    Go on the internet and look for gov.org to find the programs that have been set up, to help people who are in trouble with their mortgages. There are ways set up by the government where you can refinance your mortgage, even if your home's value is less than the mortgage amount, you can refinance. They will stop the foreclosure, but the paperwork must be filed. A friend of mine down south, saved her home that way. Good luck.
     
  5. novasparker

    novasparkerActive Member

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    There are a few options left, but your grandmother is going to have to be willing and able to seek them out. Has she asked her bank for a loan modification? This is usually the last ditch effort to get a home out of foreclosure. It can stop the foreclosure process for awhile, but if she doesn't qualify or doesn't apply in time, the bank can proceed with the foreclosure proceedings. There are other government sponsored programs that can help as well...I would urge you to begin looking and calling immediately, with the first call being to the lender.
     
  6. fancy

    fancyMember

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    The best option is her obtaining the lender's permission for a short sale. This way she will sale it for less than what is owed on her mortgage which would allow her to avoid a foreclosure. The lender will cancel the remaining mortgage debt once you sell the home. You can as well obtain a bankruptcy petition. This will define the repayment plan for your mortgage which would automatically prevent the foreclosure. If a court confirms it your lender would have no power in closing your home.
     
  7. ExpertAdvice

    ExpertAdviceActive Member

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    This is really bad but don't worry about it, everything happens for a reason and all you need to do is pinpoint that reason and deal with it. From what I know about Mortgage, the only way a Mortgagee can "take possession" of a Mortgaged property is if the Mortgagor doesn't keep his side of a contract and pay the money owed on the Mortgage, which will result in a foreclosure, apart from that, it would be inequitable and illegal to take possession or ownership of that house. I really think that you should get an Attorney who is an expert in the field of Foreclosure and or Mortgage payments, to my mind, this seems like an unfair case and I'm really shocked that this is still happening in today's World.
     
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