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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 41220
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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My mothers house is in foreclosure. She lost her job 2 years

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My mother's house is in foreclosure. She lost her job 2 years ago and had been making payments from her savings account until that ran out. She has recently gotten a job in February of this year and has been able to make the house payment since June 2013. I do know that she had been in an OHSI monthly payment program a little over a year ago and they paid the mortgage for her up until May of this year but she was already 8 months in debt at that time and they wouldn't help bring that up to date because it was more than 6 months of non-payment. We have contacted the bank that holds her mortgage to discuss alternatives and have been told that we owed $10,506.86 and would need to come up with over $6,000 to stop the foreclosure and pay the rest in payments for 6 months. Unfortunately we have been unable to come up with that amount of money through loans or other methods. Since she was involved in the OHSI monthly payment plan, she is not eligible for their Reinstatement Plan. We are looking for other options to keep the house. My husband and I are wanting to move in to help her with the house payments but we need to get the house out of foreclosure first. I would appreciate some advice and help. Thank you for your time.
Thank you for your question. Please permit me to assist you with your concerns.

That is a very tough situation to be in. Are you considering options where you could potentially get involved, such as co-signing for a refinance or helping her take over past payments?
Customer: replied 3 years ago.

At the moment I am a stay at home mom. My Husband is the one the works but he does not have a SSN at the moment. We are working at getting him legal, so co-signing for a refinance is out of the questions but we are wanting to take over half of all the bills including current and past due mortgage payments. The only problem is the $6,000 reinstatement fee. Unfortunately we can not pay that amount in one chunk.

Thank you for your follow-up.

That really does complicate issues. Is it in any way possible for your mother to contact the lender and plead for an extension, or are they dead set against it?
Customer: replied 3 years ago.

The bank has said that we have until February 2014 but the amount owed and the reinstatement will go up because they are refusing her house payments.

Thank you for your follow-up.

I do apologize for all of the questions, I just wanted to figure out what if anything you tried at this point.

There are three remaining options, none of them a sure bet

1. Your mother can potentially shop around other banks especially local credit unions, to see anyone is willing to refinance for her. It might be possible if you co-signed but I must be honest and state that if you are a stay-at-home with no provable income, that may be extremely tough and potentially unlikely. I do mention it as a possibility because local credit union tend to be more flexible with their risk and may choose to extend options when bigger banks do not.

2. Your mother may research and find local refinancing companies to negotiate with the lender on her behalf. There is an element of risk because these companies do not guarantee results, and there is the possibility that if negotiations break down the lender can foreclose early.

3. Finally, your mother can call the lender and ask if the have any other state and governmental programs that you could pursue to help you save the property. I have been searching here for you and have not seen anything exactly on point, but there may be in-house option that the lender is maintaining that is not governmental in nature. That may help save the home from foreclosure.

Good luck.

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