Finance Questions? Ask a Financial Expert for Answers ASAP
Based on the information you have provided, you should not have any problem resolving this situation. Make sure that you stay in close contact with the lender and let them know of your intentions and ability to resolve the default. If you truly have that much equity in the home, the lender should not be foreclosing without having specific communication with you and understanding the situation. Communication is key here. Make sure you talk to the "loss mitigation" department and get some sort of resolution in place. If you qualify, a reverse mortgage can be an effective solution. Just make sure that the lines of communication are open and you should be able to resolve.