Need some in-put. I have a nephew who has gotten into some trouble with his mortgage. Several years ago he was laid off. It took him about 4 months to obtain new employment. He has now been in his current employ roughly 3 years.
Even though he is thankful for the employment the income is much less than his previous employ. Needless to say, he has suffered financially to the point that he is having difficulty making the mortgage on a house that he has paid on for near 14 years. His current mortgagor, Select Portfolio, has allowed him to use the HAMP program to give him brief relief, but his payment has not changed.
He has been trying to lower his mortgage from the 9.5% that he is currently in and is well aware that he does not qualify for the historic lows we are currently experiencing. However, any decrease in payments would be welcomed. I know that the sub-prime industry has all but dissolved, but wasn’t sure what options are available out there.
What options are available to him in today’s environment? Would appreciate any and all input.