My Mother Finance company is threatening to forclose on my mothers house. She owes Mortgage for Dec, Jan, Feb and March will be due tomorrow. They told she has to send 1600 today or they will foreclose. She only has 1200. They told her she will owe 2700 tomorrow to stop foreclosure. She got behind because she was refinancing and the people she was refinancing through told her she didn't have to pay etc. They back out the deal Monday after a month and a half of dealing with her. I told her to keep paying even though she is refinancing, but she didn't listen. I told her she should just send what she has and that should be okay. This company has threated to foreclose on her since day one. If she is one day late they call and say they will forclose. She put down 13K on a 56K house and they have been trying to foreclose since the beginning. This company is a Option One. Some real slime balls. BTW before anyone asks. I will not give the money to my mother. Long story.
"BTW before anyone asks. I will not give the money to my mother. Long story." Will you help her to find a good lawyer? It looks like she needs one soon... so choose one option to help. Eitehr the easy or hard way.
Eboni,I would think that the lender would follow the forclosure procedure if they were serious.From the date of the filing she can respond with payment and arrangements and would still have a grace period to pay or vacate.If you don't want to give her the money,I would suggest that you give her moral support and not let her get "steamed rolled".I take it that she is alone with no mate.If this is the case and as intelligent and knowledgeable as you seem to be ,take what she has to offer and go to lender with her and make arrangements and get in writing. Being a female and w/o husband(?)and being of color(?)-just assume this by your board name-she has several strikes against her before she even steps out the door.I hope I haven't offended you and had no intentions,just trying to put some light to the situation she is in and she shouldn't do it alone.
I have been trying to offer her advice for a while. I have told her to get a lawyer for a while now. You can lead a horse to water but you can't make him drink.
The story with my mother is a long one and I don't wish to go into it. Anyway I have offered her advice and told her what to do on several occassions. I can't pay for my brothers college and bail her out everytime she gets into trouble. She had the money to pay the mortgage all along and had stopped paying because she was refinancing with someone else. Now that company has pulled out and left her high and dry. Right now I'm trying to get her to get it in writing that they will not start procedings and exactly how much they want and get it faxed to my home. They keep giving her different dollar amount each time she calls.
could she get a small second mortgage on her home to compensate the diffence in what they want and be caught up and go from there?She has what?13K to lose here?
what did she do with her mortgage payment for the months she didn't pay it? Did she save it or spend it?
her mortgage is like 560 a month. she has 2 month plus the interest. Yes she spent the money thining she was all set on the refinance and she wouldn't have another mortgage payment until May. Now she has spoken to the mortgage people and they told her not to send what she has because they won't accept it. They would send it back. They won't accept it because that will stop the forclosure proceedings. She should keep the money she has and add to it. She is sending them 2 month mortgage with the late fees quick collect right now.
Dang! I don't know what to say but I hope she does something FAST! Homes are so valuable out here in the the Bay Area, CA that people will do ANYTHING to avoid foreclosure. She better look into taking out cash advances on her credit cards, etc. Also, what about 401k money? Better look there if possible but that takes days to withdrawl where as credit card advances can be done immediately. So I guess this all lies on your mom and how VALUABLE her home is to her. Hope she has plan B in effect if they do foreclose (i.e. an alternate place to stay).
Re: Dang! I offered her the money and she said no. They also wouldn't give her anything in writing. I wash my hands of it. Thanks for everyones suggestions.
I hope everything works out for you and your mom! And I really commmend you on helping your Mom, even if you two are having differences! You're a wonderful daughter and it shows (by your posts and your concern). Even though she refused to take your money (I think it has to do with pride), give it to her anyway. If not by hand, pay on whatever is needed yourself. I pray everything goes well! And when it does...look into her lending institution. I wonder if they are one of those lenders I keep hearing about on the radio?
Re: I hope everything works ou Is there any chance that she's a victim of predatory lending (i.e. exorbitent interest rates, bait-and-switch, ??). This "last minute" refi pull-out sounds shady. If so... she should get in touch with the Attorney General of her state or Federal Reserve (ECOA enforcers). Sounds like she has other problems on top of that, though. Much as I'd like to say "maybe she needs a lesson" ... it isn't cool for anyone to lose a home (and the equity built-up in it) if they're being taken advantage of. Hope she gets her act together _and_ maybe some help from the state/federal agencies.
