Hello guys!
I’m just in the right place and I just want to inquire of this. My mother loaned from the bank back in the 80’s and our house is in mortgage. Now she fears that one day, we might receive a notice of foreclosure because it’s been a while since she was able to make payments for this.
You are at the right place though there are a bunch of people on here that can steer you in the right direction. That is what happens when someone stops paying in your mom situation its hard because she has owned the property for years… How much is the property worth and how much does she owe?
more info so we can help you
Seriously, nightsky, if she bought it in the 80’s is should be nearly paid for. Unless, she has borrowed against it over and over.
If she has not paid her mortgage, they most certainly will take it away from her, so she should place it on the market right now and sell it for the best price she can get. If the mortgage is small, she will walk away with some money, maybe enough to buy a smaller cheaper place.
Otherwise, the bank will take it and she will end up with nothing.
Hi there.
We’d love to help, but need more information.
Has the bank not made any notices yet?
How far is she behind?
There should be quite a bit of equity in the property which would make it appealing for the bank unless she has refinanced??
A creative investor would be able to help you get caught up here and could help your mom keep her home.
Dennis