help me!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?

Question

i dont know what to do my mom does not want to live at the house that we are living at now so she did not pay her morgagefor like 3 monthes and now there is supposed to be a sherriffs sale some time in august what should i do should i be worried

Answer 1

Talk to your mother and find out what going on see if she can afford to pay up her back morgage and get things back on track.

Answer 2

Wow...this is a tough one...does your mother understand that she is really damaging her own credit by not paying the mortgage and that it will make it very hard to even rent an apartment with very bad credit? If she will not listen to reason, at least suggest that she talk to a credit counselor. For you, I would make sure that the things that you really cherish and want to keep that you pack them up and make sure that you can take them with you. Your mom needs help...hopefully she will begin to understand that!

Answer 3

You should be very very worried! There is a Sale on the 1st!!!!!!!
Heres the advice from the Sheriff
Foreclosure of a mortgage is a legal proceeding that bars or extinguishes a homeowner's right of redeeming a mortgage estate.  The advice below applies only to homeowners with FHA Insured loans. While a good deal of this information may apply to all homeowners in danger of losing their homes, not all of the foreclosure avoidance tools mentioned may be available to you if you have a VA or conventionalloan. 

Additionally, HUD/FHA does not have any Loss Mitigation oversight over VA or conventional loans. Borrowers should talk to their lenders or to a housing counseling agency to determine if they qualify for any of the options listed below

Information Source: U.S. Department of Housing and Urban Development

Q: What Happens When I Miss My Mortgage Payments?

Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe HUD an additional amount.

Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if possible.

Q: What Should I Do?

1.DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, call or write to your lender's Loss Mitigation Department without delay. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they may not be able to help.
2.Stay in your home for now. You may not qualify for assistance if you abandon your property.
3.Contact a HUD-approved housing counseling agency. Call [phone] or TDD [phone] for the housing counseling agency nearest you. These agencies are valuable resources. They frequently have information on services and programs offered by Government agencies as well as private and community organizations that could help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge.


Q: What Are My Alternatives?

You may be considered for the following:

Special Forbearance. Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.

Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount.

Partial Claim. Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current.

You may qualify if:

1.your loan is at least 4 months delinquent but no more than 12 months delinquent;
2.you are able to begin making full mortgage payments.



 


When your lender files a Partial Claim, the U.S. Department of Housing and Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full.

The Promissory Note is interest-free and is due when you pay off the first mortgage or when you sell the property.


Pre-foreclosure sale. This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.

You may qualify if:

1.the loan is at least 2 months delinquent;
2.you are able to sell your house within 3 to 5 months; and
3.a new appraisal (that your lender will obtain) shows that the value of your home meets HUD program guidelines.



 

Deed-in-lieu of foreclosure. As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it is not as damaging to your credit rating as a foreclosure.

You can qualify if:


1.you are in default and don't qualify for any of the other options;
2.your attempts at selling the house before foreclosure were unsuccessful; and
3.you don't have another FHA mortgage in default.



Q: How Do I Know if I Qualify for Any of These Solutions?

Your lender will determine if you qualify for any of the alternatives. A housing counseling agency can also help you determine which, if any, of these options may meet your needs and also assist you in interacting with your lender. Call [phone] or TDD [phone].

Source U.S. Department of Housing and Urban Development

Answer 4

Its ok. If she only didnt pay for three months they are only trying to scare you guys. There will be no sale, trust me!

Answer 5

wow....sorry but it sounds like your mom has got problems.. financially or otherwise....unless you have got the cash to pay up the mortgage...which it sounds like it is too late without a refinance....you are in a lot of trouble....bye bye house.


3yr mortgage broker. - good luck.

Answer 6

Well, You should get everything that you want and store it somewhere. Start packing.