Full question:
Our daughter lost her job last year, could no longer pay her mortgage on a house she bought in 2008 that was soon under water, and got a job in Maryland. Bank of America has move to foreclosure (still pending) and rejected three short sale offers. She is trying to get information from the bank but will little success. Now she (a single mom) wants to move back into her house. She owes about 15K in past mortgage and has no job and no savings so cannot afford to pay any back mortgage or mortgage going forward (though we will help her for two or three months in the hopes she is able to get a job and afford the mortgage). Question: Is there ANY chance the bank will work with her to help her reclaim her house? We will appreciate an answer to help us make a decision today. We have a rental truck loaded with her furniture and stuff from Maryland and she wants to move in tomorrow! She is dreaming of reclaiming her lovely little bungalow and I say this is not reasonable. Help us settle this. Thanks!
- Category: Real Property
- Subcategory: Foreclosure
- Date:
- State: Florida
Answer:
While anything is possible, the likelihood that the bank will cooperate with someone who cannot repay their loan is low. Banks prioritize the ability to recover the money owed to them. Your daughter’s situation, with no job and no savings, makes it difficult for the bank to justify working with her. It’s essential to understand that banks generally require evidence of a borrower’s ability to make payments before considering any options.
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