Avoiding Forclosure

[RjD]

I have an uncle who lives alone and is facing a 90 day stay in a county facility. He does not have any savings set aside to make his mortgage payments while he is away. How can he avoid getting out after 90 days and not have his home forclosed upon?

Is it possible for him to make minimal payments while incarcerated? ie $100 a month or so. If so what is the least he can pay?

Thanks for any insite....

Rob

 

[peter]

Better rustle up the family and make some sacrifies, no eating out, no new purchases, no getting anyone pregnant, and use the money to pay the mortgage.

Fair enough!


<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by RjD:
I have an uncle who lives alone and is facing a 90 day stay in a county facility. He does not have any savings set aside to make his mortgage payments while he is away. How can he avoid getting out after 90 days and not have his home forclosed upon?

Is it possible for him to make minimal payments while incarcerated? ie $100 a month or so. If so what is the least he can pay?

Thanks for any insite....

Rob<HR></BLOCKQUOTE>

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by RjD:
I have an uncle who lives alone and is facing a 90 day stay in a county facility. He does not have any savings set aside to make his mortgage payments while he is away. How can he avoid getting out after 90 days and not have his home forclosed upon?

Is it possible for him to make minimal payments while incarcerated? ie $100 a month or so. If so what is the least he can pay?

Thanks for any insite....

Rob<HR></BLOCKQUOTE>

If I was the mortgage lender I would tell you. Call the mortgage company and tell them the situation and ask for a payment special arrangement. The lender does not have to agree to do this but it is worth a try.

 

[CTKID]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by RjD:
I have an uncle who lives alone and is facing a 90 day stay in a county facility. He does not have any savings set aside to make his mortgage payments while he is away. How can he avoid getting out after 90 days and not have his home forclosed upon?

Is it possible for him to make minimal payments while incarcerated? ie $100 a month or so. If so what is the least he can pay?

Thanks for any insite....

Rob<HR></BLOCKQUOTE>

Try the Loss Mitigation staff at in the lender's servicing department. Ask for a three month forebearance plan. During this time, he can make reduced payments. The principle and interest will accrue. At the end of the three months, his payments will go back to the full amount PLUS the amount necessary to amortize the arrearage. The big question the lender has to grapple with is whether incarceration is reason to establish a hardship and grant a forebearance. They may see it as something within his control and not a hardship. Also, what has the payment history been and will he be gainfully employed after the 3 months. No lender should grant a forebearance if it is just going to delay an inevitable forclosure.