Help for my Mom...

[balihai]

What is the name of your state (only U.S. law)?
Florida

Well, the economy has caught up to my Mom and can use some advice. My Mom is almost 80 now and owns a condo here in Florida. Several years ago and before the mortgage meltdown, she re-financed in order to make some improvements and repairs, along with a few items to make her later years more comfortable. At that time, she was employed part time, receiving her social security, and her refi interest was at 8%. She is now un-employed, moderate credit card debt, received an increase in her HOA dues, and unable to meet her mortgage. To date she is current as I help with her expenses as a son should. I am now under employed and unable to continue helping her financially having a daughter in college...

My question is, can my mother qualify for a mortgage modification under the current administrations plan? If she did qualify, and her terms and interest rate were modified and reduced, she'd be ok. Knowing she does not have allot of years left with us, how would this work? How could it work?

Any help or insight would be appreciated here.

Thanks very much.

 

[nextwife]

What about a reverse mortgage?

Not all loans qualify for the government mod plan, you know. She'd have to check with her lender, but do realize that there are lenders who do not have any obligation to rewrite their loans. We can't know if Mom's is one of those.