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Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
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My son and his wife were advised to stop making their mortgage

Customer Question

My son and his wife were advised to stop making their mortgage pmts over 2 years ago (they also had a 2nd mortgage). After a year of no payments the we forced out and the home was sold at auction. Bank of America held the 2nd and has now sent a collection agency after them. They are now renters, and can barely scrape by. What are their options?
Submitted: 5 years ago.
Category: Finance
Expert:  Taxtom replied 5 years ago.

Taxtom :

Hello, They really have only two options, one reach a payment agreement with the bank to pay off the debt or file the debt in banktuptcy. Nevada laws allows 6 years to file to suit to recover the amount owed. They may be able to settle the debt for a fraction what is owed if they can come up with money to do so. Thanks Tom