What to do when you cant afford your house payments?
April 12, 2007 · Print This Article
Maggie asked:
Not too long ago my parents bought a house. Everything was going fine until my dad lost his job. Now my parents cant afford to pay for their house and they are 3 months behind with payments. Im worried that the house will go into a foreclosure and I dont want this to happen. Can you please tell me what to do?
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Not too long ago my parents bought a house. Everything was going fine until my dad lost his job. Now my parents cant afford to pay for their house and they are 3 months behind with payments. Im worried that the house will go into a foreclosure and I dont want this to happen. Can you please tell me what to do?
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
I’m sorry, but chances are the bank is in the beginning stages of the foreclosure process.
I’d suggest to your parents that they call the bank. Banks are willing to work with homeowners, but they need to have open communication. Banks lose a ton of money in foreclosures. Chances are at 3 months behind on payments, the banks may not be willing to do much, but it doesn’t hurt to at least call and ask. The key is if they do call, they will need to speak to a manager, not the call center. And if they are lucky enough to strike up a deal, they MUST stick to it, because if they are late even once, the bank will move on with the foreclosure, and likely at an accelerated pace.
Your parents could also try a short sale or a deed in leiu of foreclosure.
I hope the best for them!