Tilted Forum Project Discussion Community - View Single Post - Very long post, I'm in a bind... any advice appreciated.

NoSoup · 05-19-2005, 07:34 AM

Well, I have a few questions for you...

First off, how much is the house worth? (approximately is fine)

Secondly, do you have any idea how much the mortgage is? If not, that isn't really a big deal - (no offence, but your parents don't seem to be in all that great of a financial situation, so I'd imagine it is near 100% of the value of the home)

_____________

Without those questions being answered, I'm going give you my preliminary opinion.

Your mother is lying to you. If you miss one house payment, banks will not foreclose on it. If you miss the last 4-6 months or more worth of payments, they will. I'm going to echo what everyone else here has said and make sure that you know that you won't ever see that money again. Be prepared to make the payments if you were to take out a loan for them, but I'd suggest you "fib" a bit and tell your mother that you attempted to get a loan, but were denied. That way there aren't any hard feelings, and you aren't out four grand. You just worked you ass off to get yourself out of the situation your mother wants you to jump right back into - except now you'd be paying for her mistakes instead of your own.

As far as her not wanted to show you any checks and her excuse being she paid over the phone - if you want proof, simply have her show you her bank account statements. I'll show the ACH withdrawal on there. If she is worried about you seeing her balances and what not, have her take a black permanent marker and cross out anything she'd prefer you didn't see. In addition, I'd make sure you get everything from the bank in writing, ususally, even if the bank is borderline foreclosing, they'll accept any payments she is willing to make - unless it is already in the 11th hour, in which case they won't to avoiding having gone through the entire process only to have it stalled right at the end because your parents were able to come up with a couple hundred bucks. Right before the foreclosure reaches the point of no return, they'll want all the past due amounts or nothing at all - but that would mean that your parents have been in foreclosure for a while.

Oh, one thing I should clarify - that $4000 that they are asking for isn't some mysterious "mortgage re-instatement fee" or anything like that - that simply is what they need to pay to catch up on their mortgage. If their payment is $700.00 a month, you can see that they missed a few more than one payment.

I don't want to bash your mother -as she is family- but keep in mind she got into this situation by herself, she could have been taking the money that she has been spending at the casino (and the gas to get there!) and putting towards something more important... like a place to live.

One other thing that concerns me is that they filed bankruptcy already - I'd be very interested how recently they filed, and what type it was.

If they just recently wiped out all their debt with the exception of their mortgage and possibly vehicles, there is absolutely no reason for them to be in the situation they are in now. All the additional funds that they were putting towards other bills are now freed up - so if they were making their payments on the house before, they certainly should be able to now.

05-19-2005, 07:34 AM	#10 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	Well, I have a few questions for you... First off, how much is the house worth? (approximately is fine) Secondly, do you have any idea how much the mortgage is? If not, that isn't really a big deal - (no offence, but your parents don't seem to be in all that great of a financial situation, so I'd imagine it is near 100% of the value of the home) _____________ Without those questions being answered, I'm going give you my preliminary opinion. Your mother is lying to you. If you miss one house payment, banks will not foreclose on it. If you miss the last 4-6 months or more worth of payments, they will. I'm going to echo what everyone else here has said and make sure that you know that you won't ever see that money again. Be prepared to make the payments if you were to take out a loan for them, but I'd suggest you "fib" a bit and tell your mother that you attempted to get a loan, but were denied. That way there aren't any hard feelings, and you aren't out four grand. You just worked you ass off to get yourself out of the situation your mother wants you to jump right back into - except now you'd be paying for her mistakes instead of your own. As far as her not wanted to show you any checks and her excuse being she paid over the phone - if you want proof, simply have her show you her bank account statements. I'll show the ACH withdrawal on there. If she is worried about you seeing her balances and what not, have her take a black permanent marker and cross out anything she'd prefer you didn't see. In addition, I'd make sure you get everything from the bank in writing, ususally, even if the bank is borderline foreclosing, they'll accept any payments she is willing to make - unless it is already in the 11th hour, in which case they won't to avoiding having gone through the entire process only to have it stalled right at the end because your parents were able to come up with a couple hundred bucks. Right before the foreclosure reaches the point of no return, they'll want all the past due amounts or nothing at all - but that would mean that your parents have been in foreclosure for a while. Oh, one thing I should clarify - that $4000 that they are asking for isn't some mysterious "mortgage re-instatement fee" or anything like that - that simply is what they need to pay to catch up on their mortgage. If their payment is $700.00 a month, you can see that they missed a few more than one payment. I don't want to bash your mother -as she is family- but keep in mind she got into this situation by herself, she could have been taking the money that she has been spending at the casino (and the gas to get there!) and putting towards something more important... like a place to live. One other thing that concerns me is that they filed bankruptcy already - I'd be very interested how recently they filed, and what type it was. If they just recently wiped out all their debt with the exception of their mortgage and possibly vehicles, there is absolutely no reason for them to be in the situation they are in now. All the additional funds that they were putting towards other bills are now freed up - so if they were making their payments on the house before, they certainly should be able to now. __________________ I have an aura of reliability and good judgement. Just in case you were wondering...