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:
Anything is possible, but the odds are not good at all that a bank will work with a person who can't repay a loan. Unfortunately, it is important to the bank that a person has the ability to repay the money that is owed. Please see the information at the links below:
http://mortgage.freedomblogging.com/2009/10/14/no-income-no-loan-modification/19549/
http://www.bloomberg.com/apps/news?pid=20601087&sid=aoO9FGsvnJOk
http://articles.webraydian.com/article20609-Bank_of_America_Loan_Modification__A_Simple_Five_Steps_to_Approval.html
http://www.fairhomeloan.org/?bing
http://homeloanhelp.bankofamerica.com/en/home-affordable-modification.html
http://homeloanhelp.bankofamerica.com/en/financial-worksheet.html
http://homeloanhelp.bankofamerica.com/en/mha-programs.html
http://bx.businessweek.com/bank-of-america/view?url=http%3A%2F%2Ffeedproxy.google.com%2F~r%2FFatwalletFinance%2F~3%2FAM2eGpAbJeM%2F989358
http://ezinearticles.com/?Few-Points-to-Know-About-Bank-of-America-Loan-Modification-and-President-Obamas-Program&id=4020484
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
