QUESTION
Is this a good solution to my father's mortgage payment problems?
Asked on Apr 09th, 2013 on Foreclosures - California
More details to this question:
My father is retired military, and he is unable to pay the full amount of his mortgage every month since he doesn't get as much money as he used to. The mortgage company will not accept payments lower than what is agreed, and we are almost 20,000 dollars in debt. Another lawyer said to my father that if he tells him all the money he is receiving, which includes disability and retirement payments, than the company will only take a certain amount each month. My father will have left over money to be able to pay any other financial expenses, not including the electric or water bills. I wanted to have a second opinion. Is this true?
4 ANSWERS
It is possible that the mortgage company would modify the mortgage based on your father's financial condition.
Answered on Apr 10th, 2013 at 1:15 PM
No, it is not true. Retirement pensions and all things similar are exempt from collection after a judgment. The worse that could happen is he would loose the house. He should sell the house.
Answered on Apr 10th, 2013 at 1:15 PM
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This does not make sense unless that other lawyer is referring to some type of loan modification.
Answered on Apr 10th, 2013 at 1:15 PM
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You are wise in getting a second opinion, but you and your Dad really should arrange an appointment with another lawyer. There are too many questions/issues that need to be addressed to give you a solid answer over the internet.
Answered on Apr 10th, 2013 at 1:14 PM