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.
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 bet1. 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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